Hadid’s One Thousand Museum to Command $900 per Square Foot?
Jun 24, 2013 June 24, 2013
As new images and design details are revealed about Zaha Hadid’s proposed condominium project in Downtown Miami, One Thousand Museum, it has been uncovered that the starting price points for condos and penthouses within the tower will be $4 million and $30 million, respectively. Doing some quick arithmetic, this translates to roughly $900 per square foot. If approved, the tower will stand 61 stories high and present a unique, undulating, “exoskeletal” design unlike anything currently visible in the Downtown Miami skyline.
As currently proposed, construction costs for the building will reach $300 million and be located at 1000 Biscayne Boulevard, and at 706 feet tall, its height will rival the lofty nature of its luxury-housing prices. Compared to other new constructions in the immediate area, One Thousand Museum dwarfs the square-footage costs of any of its neighbors, typically priced at between $450 and $500 dollars per square foot. The proposed asking prices for the new residences nearly reach those of oceanfront units in Miami Beach, which frequently charge between $1,000 and $1,250 per square foot.
It should go without saying, but the developers of 1000 Museum are firmly aiming at the top-of-the-luxury market, namely foreigners with immediate cash reserves looking for spacious living in burgeoning downtown. Unit wills range between 4,500 and 9,000 square feet ensconced within a building designed to avoid some of the flaws of its older neighbors and highlight the ingenuity of the world’s only female superstar architect. For example, while the tower will sit on a multi-level garage, retail, and amenities podium, the bony “legs” of the building will reach from top to bottom visually “tying” it to the street. The generic balconies, present on all modern Miami high rises, are also hidden behind the building’s undulating exoskeletal bones to offer a smooth and pleasing outward appearance.