Former Chiquita Banana Property Gets Converted Into Massive Residential Complex
Midtown Miami’s booming housing market has gained the attention of a national apartment developer, which could result in a massive residential project for the area.
A company run by Morgan Stanley, called AMLI Residential, has submitted a proposal for a 12-story, 700 unit residential complex with almost 1,200 parking spaces. This project will take over the former Chiquita Banana distribution facility in Midtown Miami.
AMLI has over 20,000 residential units all around the United States, and is currently in the process of buying land from Alex Vadia.
The project itself would become one of the largest rental projects in Midtown. Others include Midtown 5, a 400 unit property nearby, Midtown 29, a 300 unit partnership across the street, and many others a few blocks away.
Zyscovich is the architect for the project.
AMLI’s proposal for the rental project only calls for very little zoning consideration, since it is within the code’s guidelines. The project will also have 10% more parking than is necessary for zoning code as well.
Source: thenextmiami.com
Photo credit: thenextmiami.com
Join the conversation and share your thoughts below
Recent Posts
Real Estate News The Most Luxurious Condo Buildings in Bal Harbour
Bal Harbour condos have always been known to be some of the finest in town. But, what’s so special about these premium addresses that makes them so pricey? We’ve listed the Top 5 Most Luxurious Condo Buildings in Bal Harbour and the outstanding amenities they have that sets them a class apart. Below are the top condos ranked from least to most expensive. Why Choose Bal Harbour? Bal Harbour has always been one of the most coveted oceanside addresses in Miami. Just like the Shops at Bal Harbour are known for showcasing only high-end brands, the neighborhood too is known for housing only the world’s finest residences. Privacy and exclusivity are a given with a Bal Harbour address. Though this ultra-luxury neighborhood has its own tranquil beachfront, it also benefits from being just a 20-minute drive away from South Beach’s spoils and the mainland’s culture and shopping destinations. The Best of the Best Condos in Bal Harbour Palace at Bal Harbour – 10101 Collins Avenue, Bal...
Opinions and Advice Why Are Luxury Condo Sales Surging in Downtown Miami as Sales Weaken in Miami Beach?
Move over Miami Beach, there’s a new rising star on the block. For long, Miami Beach has been the hot favorite for property seekers in Miami. Whether it’s been about purchasing a permanent residence or getting a second home, South Beach properties have always sold out like hot cakes. On the other hand, Greater Downtown (Edgewater and Brickell included) has mostly been a second-best option to South Beach and Miami Beach, possibly out of necessity, with proximity to work being the biggest motivator for local buyers. But, as we’ve been tracing luxury condo trends over the last couple of years via our quarterly market reports, we noticed a reversal. The Greater Downtown area is now emerging as the top favorite among luxury condo seekers. Here are some reasons we are seeing this new trend: Numbers Speak: Miami Beach vs. Greater Downtown Miami Over the past couple of quarters, sales trends in Greater Downtown Miami have been marching ahead, even as those in Miami Beach slowed down....
Real Estate News Massive Lawsuits Won by Miami Condo Associations Mean Awesome Upgrades for Condo Owners and Residents
Recently, a handful of condo associations have scored massive windfalls thanks to lawsuits leveraged against insurers and developers. This is obviously great news for condo associations, and it also usually means that the associations' finances will likely be great for years to come. This in turn translates into improved living conditions for residents of those buildings, since these windfalls provide opportunities for condo associations to make major repairs and improvements that benefit residents. Oftentimes, the amount of money they win does not actually need to be spent entirely on the issue that motivated the lawsuit (many times the repairs have already been made by the time the lawsuit is settled). This provides a great opportunity for the condo to either fill their reserves and avoid special assessments on future capital improvements and maintenance projects, or simply spend money doing awesome upgrades on various things. Cité Law Suit Settlement Cité in Edgewater In...
Real Estate News The Most Luxurious Condo Buildings in Surfside
Think Surfside, and most would imagine community living by the sea. But, there’s a more luxurious side to Surfside that is offered only by a handful of top-tier residences. To reveal more about that deluxe side, we’ve ranked the Top 5 Luxurious Condo Buildings in Surfside along with their average sales price and list of amenities. Read to find out which Surfside address made it to the list… Why Choose Surfside? This family-oriented beach town comes perfectly positioned between the glamorous Bal Harbour and world-famous Miami Beach. A pocket-sized neighborhood, Surfside is somewhat of an extension of Bal Harbour in some ways and is favored by those looking for community events, friendly neighbors, mom and pop shops and safe streets. Residents absolutely love the uncrowded beaches here that come lined with scenic boardwalks and citywide exhibits dedicated to marine life (read Surfside’s famous turtles). Also, the town has its very own community center that features a lap pool, plunge...
Opinions and Advice Financing Options for Second Home Buyers
Purchasing a second home is embedded in the hearts of many as a sign of true success: the ability to escape to your favorite destination at-will and stay at a place you can still call home and also have it as part of your investment portfolio. Not only will it allow you to save money on lodging if you use it as a vacation home, but it can also provide you a source of income if you rent it out while you’re not using it. There are three common options to choose from to finance the purchase of your second home, and for each you will need good to excellent credit. Here is what you need to know about each second home loan option. 1. Take out a HELOC on Your Current Home If you’ve owned your primary residence for a few years, chances are you’ve earned equity on the property if its value has gone up. If so, you can take out a home equity line of credit (HELOC). A HELOC can help you secure the funds for a down payment or even to purchase the second home outright, depending on the...
Real Estate News Inventory Loans for Unsold Condos Gaining Popularity Among Miami Developers
Although pre- and new construction developer sales have picked up in 2019 as compared to the past couple of years, the pace is not necessarily as fast as developers would like, and not all projects are benefiting from the uptick. While many of these new condo projects are averaging 89% - 92% unit sales, those remaining unsold units are currently totaling about 2,101 as of this writing, and developers are turning to inventory loans to capitalize on condos they’ve built that still remain unsold. Developers have a choice to either reduce their prices to speed up sales, or take out an inventory loan and take a hit on carrying costs versus diminishing the value of their inventory. In Miami, many developers are doing the latter. We can also assume that the money from an inventory loan can be used to pay off other loans or invest in other ventures. In one recent example, Alirio Torrealba, head of Coral Gables based MG Developer recently closed on a loan from BGI Capital for unsold...
