Powered by steady buyer demand, condo developers remained bullish in Miami this April. Sales for two new condo concepts were launched — the estate-sized 719 Biltmore Way in Coral Gables and the Kobi Karp-designed, two-tower La Maré in Bay Harbor Islands. Edition Residences in Edgewater celebrated the opening of its immersive new sales gallery. Vita Residences in Coconut Grove announced a definitive groundbreaking date and stuck to it after battling a year of delays. And, The Standard Residences in Midtown broke ground as announced, staying on track with its delivery schedule.

Also, this month, co-developers PMG and E11even Partners announced the addition of two stellar concepts to its sister condo projects in Downtown’s Park West neighborhood. While the fully sold-out E11even Hotel & Residences will feature new restaurant and entertainment concepts by the Riviera Dining Group, E11even Residences Beyond will become home to the Chicago-based exclusive private social club, The Clayton. 

Further, developer Habitat Group announced a limited-time deal to buyers, offering them guaranteed 10% returns for the first two years with a special leaseback program. Read on for more details on these and other updates in our monthly Miami condo pre-construction market roundup for March 2023:

— April 2023 — Miami Condo Market Pre-Construction News at a Glance

Sales Launched

• 719 Biltmore Way – Coral Gables
• La Maré – Bay Harbor Islands

New Sales Gallery

• Edition Residences – Edgewater

Broke Ground

• The Standard Residences - Midtown Miami

Planned/Proposed

• 65-Story Tower at the Miami Worldcenter – Brickell
• Alta Development’s River District 14 – Allapattah

Construction Updates

• District 225 – Downtown Miami
• Waldorf Astoria Hotel and Residences – Downtown Miami
• Vita Residences – Coconut Grove
• West Eleventh Residences – Downtown Miami

Other Updates

• Smart Brickell Tower I & II – Brickell
• E11even Hotel and Residences – Downtown Miami
• E11even Residences Beyond – Downtown Miami
• Baccarat Residences (previously 444 Brickell) – Brickell

Watchlist

• Genting’s $1B+ Resorts World Miami Site – Downtown Miami
• Trio of Commercial Towers Sold for $15.5 Million – Miami River
• Hotel Colonnade Sold for $63 Million – Coral Gables
• Apartment Building Sold for $12 Million – Coral Gables
  
  

— April 2023 – Miami Condo Market Pre-Construction News – Sales Launched

719 Biltmore Way – Coral Gables

Bringing single family home living to Coral Gables, developer JQ Group and Companies launched sales for 719 Biltmore Way this April. With only 9 ultra-luxury residences in a 12-story boutique building, residents will feel exclusively at home with one lavish residence per floor, along with panoramic views of the Granada Golf Course set in the charming neighborhood of Coral Gables.

Designed by Bermello Ajamil & Partners, each single-floor residence will flaunt sprawling four-bedroom floorplans with interiors by the Miami-based Sire Design. Besides affording 3,900 square feet of open layout living space, each masterfully designed residence will feature 10-foot-high ceilings, a choice of high-end porcelain tile or wide-plank engineered wood flooring throughout, generously-sized bedrooms, spacious walk-in closets, nook space with direct access to a summer kitchen, top-of-the-line appliances in the gourmet kitchens with built-in bar, spa-inspired bathrooms with glass-enclosed rainfall showers, Italian vanity cabinetry, premium fixtures, and much more.

Amenities at the pet-friendly 719 Biltmore Way will include a grand, two-story lobby, a rooftop relaxation pool with chaise-lounges and daybeds, a rooftop fitness center, a rooftop breezeway terrace with lounge seating, a flexible business and study room with workspace areas, covered self-parking with two spaces per residence, and more.

Call or email for early bird pricing.

La Maré – Bay Harbor Islands

Regency Collection | Groundbreaking – Late 2023 | Completion – 2025

Signature Collection | Groundbreaking – Late 2023 | Completion – Late 2024

Launching sales for two sister condo towers, Chicago-based Regency Development Group announced its first project in Miami last month. With recycled materials at their foundation, the Regency Collection - La Maré Residences will stand at 9927 E Bay Harbor Dr., while the Signature Collection will rise at 9781 E Bay Harbor Dr. The sales gallery for this stunning project is located at 10301 E Bay Harbor D.r in the coveted Bay Harbor Islands.

Inspired by the movement of water, world-renowned architect Kobi Karp designed the two boutique towers to feature modern, light-filled luxury homes that honor their physical environment. Designed to be LEED certified, both of the all-glass condo buildings will be constructed on elevated pilings to easily accommodate high and low tides. Both buildings will further be positioned to optimize peak sunrise and sunset views, sunlight, and natural airflow through each residence.

With interiors by Brazil-based Debora Aguiar Arquitetos, known for designing 1 Hotel South Beach, the buildings will feature green rooftops with tree canopies, bayfront verandas, outdoor spaces with landscaping, lounge areas, boat slips, plus a resort-style rooftop pool deck with a jacuzzi and lounge chairs.

The 8-story Regency Collection will feature 33 modern residences starting at 1,600 square feet, complete with direct private elevator access, nine-to-10-foot floor-to-ceiling windows, expansive wraparound outdoor living spaces, and panoramic water views. Exclusive building amenities will include a state-of-the-art fitness center plus a residential lounge for group gatherings and screenings.

The 8-story Signature Collection will feature only nine thoughtfully designed residences, ranging from 2,100 to more than 4,200 square feet. While its top four floors will house one residence per floor, the rest of the building will feature three-bedroom residences plus a standout residence at the lobby level. Exclusive building amenities will include a state-of-the-art fitness center, a wine cellar, plus an outdoor kitchen with a bar lounge.

Prices range from $1.375 million to $8 million, with a choice of two- to four-bedroom residences in the Regency Collection. Signature Collection prices range from $2.875 million to $6.3 million, with a choice of three- to four-bedroom residences.

— April 2023 – Miami Condo Market Pre-Construction News – New Sales Gallery

Edition Residences – Edgewater

Groundbreaking – Summer 2023 | Completion – Mid-to-late 2026

With a lavish reveal party for its $10 million state-of-the-art sales gallery, complete with a drone show, prospective buyers can now tour the neutral-colored furnishings, lush greenery, architecturally unique accents, and other details that will soon be part of the Bayfront Edition Residences. Besides housing a replica of the master bathroom, kitchen, and living area, the sales gallery also features a virtual reality room that lets you step into the indoor-outdoor lifestyle, design, and view corridors available at this stunning condo tower.

The Edition Residences, Edgewater have already garnered a total of $160 million in condo reservations, with conversion to contracts due next month.

Marking the world’s first stand-alone Edition Residences, this 55-story bayfront tower will be strictly residential; it will not have any hotel component. This will be the boutique hospitality brand’s second Miami property, after the highly acclaimed Residences at The Miami Beach EDITION. The EDITION is the brainchild of famous hotelier and developer Ian Schrager in association with Marriott International. 

Rising against 800 feet of bay frontage, the sleek high-rise will house 185 bespoke residences. Designed by Miami’s multi-award-winning Arquitectonica, the branded condo tower will feature an all-glass exterior referencing Miami’s moonlit waterfront. The luxury high-rise will also feature unique layouts referencing the prows of sailboats racing off Miami’s coast with interiors by the highly acclaimed Canada-based Studio Munge. There will also be 6 separate suites for residents’ friends and family to stay over in style.

Each fully serviced luxury condo at the Edition Edgewater will feature 10- to 14-foot-high ceilings, custom European-style cabinetry, premium finishes, a timeless color palette, plus spacious terraces with unobstructed city and water views. Residents will be treated to 45,000 square feet of world-class amenities operated and managed by EDITION. Standout amenities include two resort-style pools with cabanas, a rich spa program, a club lounge, a private screening room, a library, secret gardens by EDSA, a children’s play area, a kids club, a dog spa, and a park. Jetsetters will further appreciate VIP status and preferred rates at hotels within Marriott International’s luxury portfolio. 

Click for more details on the Edition Residences, Edgewater.

Prices start at $1.7 million, with a choice of one-bedroom-plus-den to four-bedroom residences and three tri-level penthouses.

— April 2023 – Miami Condo Market Pre-Construction News – Broke Ground

The Standard Residences – Midtown Miami

Groundbreaking – April 2023 | Completion – Late 2024

With pre-sales at 80%, The Standard Residences broke ground in Midtown this April. Featuring a flexible rental program, owners will be allowed to rent their units 12 times a year with a minimum stay requirement of 30 days. Co-developed by Carlos Rosso (ex-Related Group) and Midtown Development, these pied-à-terre-style residences will be perched in one of the most walkable parts of town with easy access to the Design District, Wynwood, and Downtown Miami. 

Designed by Miami’s famous Arquitectonica, The Standard Residences will rise 12 stories with 228 luxury residences echoing the ethos of the New York-based brand. Crafting a new benchmark for luxury living in Midtown, the mid-rise will mark The Standard’s first-ever, strictly residential development with no hotel on site. 

With interiors by Urban Robot Associates, each residence will feature custom finishes in the brand’s signature “anything but standard” fashion. Residents can expect to be treated to open floorplans, 9-foot-high ceilings, open-concept kitchens with top-of-the-line appliances, premium wood-inspired flooring throughout, custom bathrooms featuring coveted double vanities and dual shower heads, and much more. They will also gain access to a “Friends with Benefits” program, affording them preferred pricing at all Standard properties across the globe.

Besides offering 34,000 square feet of amenity space, The Standard Residences will also be home to 11,000 square feet of retail (but no onsite parking). Highlight amenities will include a landscaped rooftop with a 60-foot resort-style sunset pool, outdoor rain showers, a signature rooftop restaurant and bar, a lobby-level outdoor café, an infrared sauna, an indoor pickleball court with disco lights, a karaoke bar, a private screening room, a state-of-the-art sweat floor, a work floor with co-working spaces, a pet spa, and much more.

Follow the link to read more details on The Standard’s first-ever residences.

Prices start in the high $400,000s for studios to two-bedroom residences.

— April 2023 – Miami Condo Market Pre-Construction News – Planned/Proposed

65-Story Tower at the Miami Worldcenter – Brickell

Replacing a 26,946-square-foot retail building, New York-based Naftali Group has proposed to build a 65-story residential tower at 1016 and 1044 N.E. 2nd Ave. With plans currently under review with the city’s Urban Development Review Board, the project will be part of the mega Miami Worldcenter development site, which is home to iconic condos such as Paramount Miami and the Legacy Hotel & Residences.

Located just west of the Eleventh Street Metromover Station, the 1.02-acre site will feature 786 residential units (condos and apartments), 3,600 square feet of retail, and 591 parking spaces in an 8-story garage (of which more than 100 spaces will be equipped for electric vehicle charging). Designed by Miami-based Arquitectonica, the 65-story tower will also feature two amenity pool decks on both the 9th as well as the 44th floor. Units are likely to range from 471-square-foot studios to 2,045 square feet with three bedrooms.

Alta Development’s River District 14 – Allapattah

Marketed as an investment vehicle for foreigners, Alta Development has proposed building a short-term-rental-friendly condo tower just north of the Miami River. Submitted to the city’s Urban Development Review Board, the 16-story tower will rise at 1451 N.W. 14th St., 1420 N.W. 14th Terrace, and 1410 to 1430 N.W. 14th Ave. – a 1.26-acre parcel.

Designed by Coral Gables-based Behar Font & Partners, the proposed tower will likely feature 283 condos and 326 parking spaces, including 66 spaces equipped for electric vehicle charging. Units would range from 520-square-foot studios to 880-square-foot two-bedroom layouts. Conceptualized to be favorable for short-term renters looking to list on the likes of Airbnb, the condo tower will also feature an amenity pool deck on its sixth floor, plus a fitness center and business center on its ground floor.

Prices are expected to range from the high $400,000s to the $700,000s. 

— April 2023 – Miami Condo Market Pre-Construction News – Construction Updates

District 225 – Downtown Miami

Groundbreaking – July 2022 | Completion – 2024 

With several floors out of the ground, the 100% pre-sold District 225 looks on track for a 2024 completion. Co-developed by the Related Group, ROVR Development, and BH Group, the 37-story tower will rise with no car parking onsite.

Designed by Sieger Suarez, each of the 343 luxury condos at District 225 will be delivered fully finished and furnished by Meshberg Design, in consultation with Airbnb. All residences will feature the latest in smart home tech. The flexible rental project will allow its owners to not only list their condos directly on Airbnb, but also offer restriction-free stay times. Atlantic & Pacific will be managing the short-term rentals listed on Airbnb.

Amenities at District 225 will include an expansive resort-style rooftop pool deck with a plunge swim-spa and a fire pit, a state-of-the-art fitness facility, basketball and racquetball courts, a rock-climbing wall, multi-purpose lounges, an on-site café, a virtual reality entertainment center, co-working spaces, museum-quality art, electric bike parking with charging stations, and access to the custom-developed ‘District’ app for smart-home management on the go.

Prices ranged between $350,000 and $700,000, with a choice of studios, one- and two-bedroom residences.

Waldorf Astoria Hotel and Residences – Downtown Miami

Groundbreaking – October 2022 | Completion – 2026

Foundation work at Miami’s first-ever supertall is in full swing as contractors use a special “deep soil mixing” technique. The technique not only makes the onsite soil stronger than most but also seals out nearly all the water.

Developers PMG and Greybrooks have also signed a Proportionate Share Mitigation agreement worth $548,526 with the School Board of Miami Dade County, funding one elementary school classroom with 22 student stations, to be able to move ahead with the project.

Designed by the world-famous Carlos Ott in association with Sieger Suarez, the 100-story supertall is conceptualized to look like a staggering stack of nine glass cubes and is on its way to rising to a height of 1,049 feet. Home to a total of 306 condos and 205 hotel rooms, it will feature the hotel suites in its bottom three cubes and condos plus amenities in the upper six. 

The all-glass skyscraper will further feature interiors by San Francisco’s award-winning BAMO. Residents will enjoy coming home to fully finished units with gourmet kitchens, custom Italian cabinetry hand-picked by BAMO, a high-end appliance package, fully built-out closets, flooring selections recommended by BAMO, Savant premium smart-home tech systems with custom mobile app access, and much more.

Amenities at the ultra-luxury supertall will include an immersive, resort-style pool with outdoor café and cabanas, Waldorf’s famous Peacock Alley lounge, a signature restaurant, an all-day dining brasserie, fitness center with private training studios, a signature spa, a private wine tasting room, owner’s lounge with billiards, a kids’ club, preferred rates and access to the hotel’s services, and more. 

Follow the link for more information on Waldorf Astoria’s brand and what it expects to deliver in its 100-story supertall. 

Prices start at $650,000 for Junior Suite Residences, $1 million for a 1-bedroom, $1.7 million for a 2-bedroom, $3,100,000 for a 3-bedroom, and $4,900,000 for a 4-bedroom residence.

Vita Residences – Coconut Grove

Groundbreaking – May 2023 | Completion – 2026 

After months of anticipation, developer CMC Group announced it was preparing to break ground on the waterfront Vita Residences by May this year, and did at the beginning of the month. Designed by the world-renowned CallisonRTKL architecture group, the 6-story building will be home to only 65 luxurious, modern waterfront residences and 14 penthouses.

Ready to break ground with redesigned interiors, Vita Residences will be the first condo project to be built on Grove Isle in more than several decades. Flaunting interiors by Mexico’s Bernardi + Peschard, residents can expect to come home to 8’ interior Italian doors, frameless glass balconies, 11-foot-plus ceilings, high-end chef’s kitchens, and artfully crafted custom bathrooms with natural stone, soaking tubs, and rain showers. Embracing the best of indoor-outdoor living, residents will further be treated to 15-foot-deep balconies, 65 feet of linear bay frontage, and endless water views.

Amenities will include an 85-slip marina, a 40-foot Fjord houseboat, a water sports pavilion featuring paddle boards and kayaks, a private pool for residents, a spa, a 6,000-square-foot restaurant, curated art lobbies, a fully-attended bayfront pool with luxury cabanas, an outdoor children’s playground, an exclusive “Virtual Links” featuring HD golf simulator and bayfront putting green, on-site pet services and grooming, a business center, membership to the exclusive Grove Isle Club, and more.

Prices start at $5 million to over $20 million for penthouses, with a choice of three- to seven-bedroom residences.

West Eleventh Residences – Downtown Miami

Shortly after launching sales this February, developers PMG, Lion Development Group, and Marc Roberts Companies secured three separate demolition permits to get moving with site work on the West Eleventh Residences. Marking Miami’s first short-term-rental-ready condo tower in collaboration with Airbnb, the 44-story tower will rise with 659 turnkey condos.

Designed by Sieger Suarez Architects, interiors at this stunning high-rise will feature designs by Cotofana Designs, the latest in smart home technology with integrated audio, video and lighting systems, top-of-the-line appliances, plus panoramic views of the Downtown skyline, bay, and ocean.

A 30,000 square-foot, ground floor, tri-level “experiential” entertainment and food hall will stand as the centerpiece of amenities offered at the West Eleventh Residences. This ground-floor gem will feature a striking, mirrored whale soaring through the signature restaurant’s ceiling, private lounge areas, a resort-style pool, as well as fitness and wellness centers.

Owners at the West Eleventh will be able to rent their units 365 days a year – enjoying truly flexible rentals. Conceptualized in collaboration with Airbnb, daily rentals will be managed via the hosting site’s centralized management platform with on-site support, offering owners a seamless experience.

Prices start in the mid-$400,000s, with a choice of fully-furnished studios to one-bedroom residences.

— April 2023 – Miami Condo Market Pre-Construction News – Other Updates

Smart Brickell Tower I & II – Brickell

Tower I | Groundbreaking – Spring 2018 | Completion – May 2023

Tower II | Groundbreaking – July 2021 | Completion – Q2 2025

Tower III | Groundbreaking – Q3 2022 | Completion – 2025

With its first tower close to delivery, developer Habitat Group has announced a limited-time incentive for its owners. Buyers at Smart Brickell towers 1 and 2 can now opt to enroll with the developer’s leaseback program that offers 10% for 24 months on their units – enjoying guaranteed returns on their vacant residences for the first two years.

Designed to be LEED certified by Gensler, Miami-based HAC Architects, and Urbanists, with interiors by Miami’s Arquitectonica, Smart Brickell will comprise of three, 23-story condo-hotel towers connected by a podium. While the first two will house 50 fully-furnished condos, 50 hotel rooms and 10,000 square feet of retail, the recently launched third tower will house 71 condos allowing short-term rentals, plus another 42 short-term lodging units.

Amenities at Smart Brickell will include two resort-style pools with lap area and a sun deck, a spa and wellness center, a restaurant, a sky fitness center, a rooftop bar & lounge, an 8th-floor landscaped recreational deck and terrace, electric parking stations, and more.

Prices start in the low $400Ks for the remaining residences. Call or email us directly for more details on the leaseback program. 

E11even Hotel and Residences – Downtown Miami

Groundbreaking – November 2021| Completion – 2024

The fully sold-out E11even Hotel & Residences is set to feature new restaurant and entertainment concepts by the Riviera Dining Group. Known for operating some of South Florida’s most exciting experiential concepts, the Miami-based group is the name behind popular establishments such as MILA, MILA Omakase, Bâoli, and the upcoming Casa Neos.

At E11even Hotel & Residences, the group will be operating a restaurant on the second floor along with a rooftop lounge and private membership club space. The Riviera Dining Group has a 10-year agreement with renewal options in place with co-developers PMG and E11even Partners.

Designed by Miami’s award-winning Sieger Suarez, E11even Hotel and Residences will rise 65 stories with 416 luxury condos in Miami’s urban core - a short walk from Downtown’s E11even nightclub and its sister condo development (or phase 2) E11even Residences Beyond. Featuring interiors by the New York-based AvroKo Hospitality Group, residents will enjoy coming home to a signature home essentials package, contemporary lighting package, custom cabinetry by Italkraft, Subzero and Wolf kitchen appliances, frameless glass-enclosed showers, smart home tech, and much more for an elevated lifestyle.

Highlight amenities will include a unique 24/11 (essentially 24/7) rooftop poolside entertainment concept, a 20,000-square-foot multi-level E11even Beach Day Club, a Deepak Chopra-designed spa & studio, a signature bar and lounge, a casino-style sports lounge, a 5-star gourmet food hall, art installations, a custom concierge app, and more. The condo-hotel will also feature 36,852 square feet of commercial plus 2,049 square feet of office space.

Owners at this landmark high-rise will further have the option to enroll in E11even’s short-term rental program. Follow the link to read more about the residential features and building amenities at the fully sold-out E11even Hotel & Residences. 

E11even Residences Beyond – Downtown Miami

Groundbreaking – NA | Completion – Summer 2025

The Clayton, a Chicago-based elite social club, will be opening at E11even Residences Beyond. The private club, known for its reassuringly exclusive yet inviting nature, will occupy 10,000 sprawling square feet of social space on the second floor of this high-end tower.

Inspired by the great cigar and social clubs of London, The Clayton boasts locations in Chicago and Washington, D.C., and provides members with an ultra-premium experience. At the E11even Residences Beyond, the club will offer bespoke cocktail and dining experiences along with private meeting spaces and cigar nooks.

Developed by PMG and E11EVEN Partners, this highly exclusive twin to E11even Hotel & Residences will rise 65 stories with 461 ultra-luxury, fully furnished residences. Boasting the same team as its sister tower, E11even Residences Beyond will be designed by Sieger Suarez Architects, also sharing its all-glass structure.

New York’s award-winning AvroKo Hospitality Group will be handling interiors at E11even Beyond. Each turnkey residence will feature flooring selections curated by AvroKo, custom imported ITALKRAFT millwork and cabinetry, custom countertops & backsplashes, PMG's smart home technology system, and more.

The highly exclusive, “members-only” experience at Beyond will give residents access to E11even Hotel and Residences’ amenities via a one-way-only access-controlled sky bridge (but not vice-versa). Exclusive amenities will include a rooftop helipad, resort-like sun lounge deck with a 93-foot pool, fully-staffed executive office suites, and more.

Owners at E11even’s Beyond tower will also be allowed short-term rentals with a minimum stay restriction of 30 days. Find more about the location, building amenities, and features of E11even Residences Beyond in this link.

Prices start in the mid $300,000s, with a choice of studios to two-bedroom residences, penthouses, and a presidential collection.

Baccarat Residences (previously 444 Brickell) – Brickell

Groundbreaking – Fall 2022 | Completion – Fall 2025

Applying for a site work permit this April, contractors are looking to speed up construction efforts for the Baccarat Residences. Considering the archeological findings during excavation on the site, developer Related Group will be required to create a “preservation action plan,” which could entail creating an onsite exhibition, along the riverwalk, of all the findings.

Designed by Arquitectonica, Baccarat Residences is planned to rise 75 stories with 318 luxury residences, 28 riverfront flats and duplexes, and a 10,000-square-foot restaurant. The riverfront tower will feature an undulating façade as reflective as French crystals. Managed by Barry Sternlicht’s SH Hotels & Resorts, each of its luxury condos will boast high-end interiors by Meyer Davis Studio, characterized by a unique blend of 18th-century Paris, 21st-century Miami, and 1930s Art Deco influences.

Amenities at this waterfront tower will include a marina with yacht dockage, a luxury house yacht, plus a riverfront restaurant. Other amenities will include a pool, game room, spa, beauty salon and barber, wine cellar, children’s playroom, clubroom, grand salon for events, private workspaces, business center, and more.

The ultra-luxury Baccarat will be the first in a three-tower complex. Tower II is proposed to rise 897 feet above ground with 506 rental apartments. Tower III is planned to rise 82 stories with a 249-room five-star hotel plus 103 residential units. All in all, the riverfront complex is expected to house 1,400 residences, a 249-room five-star hotel, and 24,463 square feet of retail.

Prices range from around $1.1 million to $3.5 million per unit, with a choice of one- to four-bedroom residences. Penthouses will be upwards of $14 million.

— April 2023 – Miami Condo Market Pre-Construction News – Watchlist

Genting’s $1B+ Resorts World Miami Site – Downtown Miami

After months of speculation, since it was first listed on the market in November 2022, the former Miami Herald site along Biscayne Bay has been sold. The Genting Group sold the waterfront site next to the Adrienne Arsht Center to SmartCity Miami LLC, an affiliate of David Martin’s Terra Group. 

Priced at $1.225 billion, this will be one of the highest prices paid for real estate in South Florida. Genting originally acquired the property for $236 million in 2011, recording quite a markup. With the deal expected to close later this year, this also represents a massive redevelopment opportunity for the Terra Group.

The 15.5-acre Downtown parcel, inclusive of the former Miami Herald site, comes fronting 800 linear feet of bay waters, with air rights to build on county property above a county bus depot lot. Included in Miami Dade County’s new Rapid Transit Zone zoning scheme, the site offers unlimited buildable square footage with no setbacks and a potential density of up to 7,750 residential units.

Listed as BayCity Miami, Genting is still holding onto the 10 acres it owns west of Biscayne Boulevard.

Trio of Commercial Towers Sold for $15.5 Million – Miami River

A trio of commercial towers located at 131, 129, and 125 N.W. South River Dr. was sold by an affiliate of New York-based developer Kar Properties to Rosa Negra Properties LLC this April. The 0.47-acre site, inclusive of boat slips, sold for $15.5 million - nearly tripling in value since it last traded in 2016. Kar Properties is in the process of developing its One River Point condos, just south of the river from this site.

Hotel Colonnade Sold for $63 Million – Coral Gables

Texas-based Crescent Real Estate bought the historic Hotel Colonnade in Coral Gables for $63 million this April. Located at 180 Aragon Ave., the hotel was built almost 100 years ago in 1926. The property includes 157 hotel rooms plus 34,000 square feet of meeting and event space. Considering Miami’s luxury branded condo boom, the site seems ripe for redevelopment.

Apartment Building Sold for $12 Million – Coral Gables

The Calta Group acquired the 32-unit apartment complex at 915 Palermo Ave. for $12 million with plans for redevelopment. Looking to set a new standard for luxury living in the area, the group plans to build a luxury boutique residential offering on the site.

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