Jorge Perez’s newest residential baby

Jorge Perez’s newest residential baby

Sep 12, 2013 September 12, 2013

Jorge Perez’s newest residential baby, Edgewater’s Element condo project, has recently received a new name and a proposed third tower. A move making it the second-largest condo project in the city. The newly dubbed Paraiso Bay (a mixing of English and Spanish) could now be building a third tower to the initial two-tower project, bringing the total unit count from 700 to 1,000. The Urban Design Review Board has already given its approval to the project, however, Related’s desire to close 31st Street will require the permission of the entire city commission.

The original plans included two 55-story towers housing approximately 700 units, though early marketing materials already suggested plans for a third tower on the northeast corner of the site. The project is also notable given its size. Residential projects have not risen to the 400-unit mark since before the real estate bubble burst in 2007.

Even then, Related Group was building ultra-dense residences such as the Icon Brickell with its 1,800 units. Now, the project recently known as Element would be the second biggest planned in the city, second only to the 1,274-unit Brickell CityCentre. The Arquitectonica designed buildings will offer residences with one to four bedrooms, plus penthouses. Pricing on the first tower are expected to start at an average $525 per square foot.

Notably, building designers have placed the buildings on either side of the 31st Street corridor in order to preserve the street, specifically against Related’s wishes. Though the only sacrifice would be deck and pedestal space. The 4.6-acre site was purchased this past April for $29 million, over twice as much as its asking price in February 2012.

Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(786) 930-4220
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

Miami’s New and Pre-Construction Condo Update: May 2020
Real Estate News Miami’s New and Pre-Construction Condo Update: May 2020
This May, the Aston Martin Residences almost made a sales record for themselves as four units sold for a total of $8.75 million. The highly anticipated Una Residences broke ground. And, David Martin as well as Mast Capital proposed new towers for Miami Beach. Read on for details on these and other Miami condo pre-construction updates below: Broke Ground Una Residences – Brickell One of the newest, most exciting waterfront projects to come up in Miami, Una Residences, broke ground this May, embarking on its journey towards completion. The luxurious, nautically-inspired condo building comes designed by internationally acclaimed architects Adrian Smith + Gordon Gill, and sits on a rare slice of Bayfront land at the end of old Brickell Avenue in Miami’s Financial District.  Developer OKO Group aims to deliver the 47-story, 135-condo luxury development by 2023. Built to offer unobstructed city and Bay views, residents will be treated to amenities such as soothing wood-tone interiors,...
Latest Miami Celebrity Real Estate News - May 2020
Real Estate News Latest Miami Celebrity Real Estate News - May 2020
While the world continues to operate at a slower pace than usual, celebrity real estate news has not taken a break or a back seat to anything else that’s happening in the world. In Miami, movers and shakers continue to sell and buy property, and new stars continue to come to live in our town. This month’s lineup of celebrity real estate news includes celebrity buyers and sellers who influence and impact our lives, representing different industries and walks of life, as well as the purchases and sales they’ve made. Bought Who: Tommy Mattola and Thalia Where: $8 Million condo at The Surf Club in Surfside An LLC known as TNT Miami, managed by Mexican pop singer Thalia, along with her husband Tommy Mottola, the famed music industry tycoon, recently closed on an $8 million luxury condo at Surfside’s Four Seasons. The closing took place only a week after the state’s shelter-in-place order expired, per public documents filed with the county recorder. The 48-year-old Mexican singer is ...
Vizcaya is Open? Yep! Check out these Fun Things to Do in June
Lifestyle Vizcaya is Open? Yep! Check out these Fun Things to Do in June
For almost two months, Miami hasn’t been quite itself due to the coronavirus outbreak. We’ve missed all the fun events that put the magic in the Magic City. Thankfully, beginning May, the city has started to reopen (including restaurants at 50% capacity and the beaches), and we’re so glad to see some of our favorite hotspots either opening up or gearing up to open in June. So, for our monthly event roundup this time, we’ve got a mixed bag of virtual events as well as in-person events. Here’s looking at the things you can do (online or on the ground) in Miami for the month of June: Virtual Events Deering Estate Virtual Full Moon Yoga: June 4 Taking their monthly full moon yoga class online, yogi Zamanata will be leading a 75-minute Hatha flow session. For $10, you get to experience the transition of the Sun, Moon, and cosmic elements in a refreshing evening class. Those interested should pre-register here, or keep an eye out for when other in-person events come back up here. O...
Want to Live in a Penthouse? Here’s What You Need to Know
Opinions and Advice Want to Live in a Penthouse? Here’s What You Need to Know
Penthouses are the pinnacle of condo living. Living in a penthouse means waking up to sweeping views and expansive living spaces that feel like a home in the sky. Add on luxury amenities and, well, now you’re getting the picture. While it might sound cliche and too good to be true, this is the reality of owning a penthouse. But what really is penthouse apartment or condo? And are they worth it? Read on for answers to all of these questions about penthouses. So what IS a penthouse? Penthouses are, historically, a separate build on the very top of an apartment block or hotel, fitted with the best interiors, and both indoor and outdoor space. The term came about in the 1920s when developers started transforming previously undesirable and often dirty “attic” space into incredible and spacious  properties on the top of their developments. Distinguished by their opulence, as well as their world-class views, they were immediately popular and became synonymous with status and wealth (read...
Anatomy of HOA Fees: Are Miami Condo Fees actually High?
Opinions and Advice Anatomy of HOA Fees: Are Miami Condo Fees actually High?
Condo living is often considered more convenient compared to single family houses. Someone else does almost all of your maintenance -- be it the yard, the roof, the pool, you name it. Plus, there’s typically always some kind of security/surveillance. Amenities like swimming pools, gyms and front desks staff are a standard. And, if you buy into a luxury condo, you can get access to full-service spas, wine cellars, golf simulators, lounges, or even art galleries are all part of what you can call home. And while some think there’s a price for these conveniences and little luxuries, the overall cost is about the same as living in a home. The only difference is when living in a condo, you pay one monthly fee for all this, and it’s called your HOA fees or condo fees. Especially in a city like Miami, condos pack in the entire gamut of resort-style amenities fit for a year-round staycation. Not to mention, there’s usually a team of starchitects and internationally renowned designers behind...
Miami is Reopening - Here’s Where, When and How
Lifestyle Miami is Reopening - Here’s Where, When and How
It's the moment we've all been waiting for... after months of carefully staying at home to reduce the spread of COVID-19, Miami begins to reopen as part of a phased process, including real estate offices and showing activities. However, the specific openings and procedures differ slightly between Miami-Dade County, the City of Miami and the City of Miami Beach. So, while you might be tempted to rush out to your favorite restaurant or hair salon, first read below before heading out to know what "Miami's New Normal" is going to look like. And no private business is required to open, so you may want to call your favorite place first. Mayor Carlos A. Gimenez released the official guide to living in The New Normal, allowing many non-essential businesses to open on May 18th. The document covers the basics rules to reopening like requiring everyone to wear face coverings in public, wash hands often, and continue practicing social distancing, along with providing a detailed protocol for...