Miami’s New and Pre-Construction Condo Update: April 2020
May 06, 2020 May 06, 2020
With construction in Miami considered an essential business as part of the COVID-19 shut-downs, Miami’s condo pre-construction market continued with announcements, planned new construction and completions. South Beach’s Raleigh Hotel is ready for a facelift along with the addition of a brand-new tower of condos. Sunny Isles’ Ritz Carlton Condo Residences celebrated their completion and loan pay-off. And, one Coral Gables condo developer has a limited period offer for buyers hesitant to part ways with their money in such unpredictable times. Read on for details about these condo pre-construction updates and more below:
At about 75% sold, developers Lionheart Capital celebrated the grand opening of the ultra-luxury oceanfront development of The Ritz-Carlton Residences, Miami Beach, including 111 condo units and 15 stand-alone villas designed by Piero Lissoni. Given the social distancing requirements of the COVID-19 pandemic, the sales team is offering virtual tours via Facetime.
Amenities at the boutique development include a 36-slip private marina, a fitness center with an open-air yoga studio, a rooftop pool deck with private cabanas, a restaurant, an indoor-outdoor spa with a sauna, a meditation garden, a waterfront bar, a club and social room, a children’s room, an art studio, a cinema room, and pet grooming facilities. Works of art are displayed throughout the property, and buyers also receive medical concierge service with Dr. Arthur Agatston, the creator of the South Beach Diet.
A second Ritz-Carlton Residences property also is making progress. Developers Fortune International and Chateau Group have paid off their $212 million construction loan just weeks after opening. For closings and showings, the sales team complied with social distancing norms by conducting virtual tours and proceedings. Managed by The Ritz-Carlton Group, and designed by Arquitectonic with interiors by Florentine architect Michele Bönan, the building received its TCO in February. At that time, all of the penthouse units were sold out. The 52-story tower sits along 250-feet of pristine beach, and features amenities such as a 33rd-floor private club level with guest suites, beachfront restaurant, full-service spa, pool deck, fitness and wellness center, kids’ club, plus hotel-level butler, turndown and concierge services.
Prices start at $2.6 million, with full-floor penthouses priced at $40 million
Raleigh Hotel Restoration plus 18-story Condo Tower - South Beach
Photo courtesy of SHVO
Owner of the Raleigh Hotel plus its adjacent Richmond and South Seas Hotels has filed plans with Miami Beach’s Historic Preservation Board to upgrade to the favorite historic luxury hotel, pool and gardens, and add a new residential component. The masterplan has been submitted to develop an oceanfront, 200-feet tall, 18-story condo building on the adjacent properties.
Additionally, initial plans reveal that the hotels will retain their iconic façade, designed by famous Art Deco architect L. Murray Dixon in 1941, the Raleigh gardens, and other notable interior space while offering a unified frontage with the addition of a pool towards the rear of the building and new beach pavilion with an open-air restaurant.
For those hesitant to part with their cash during the pandemic, developer Location Ventures launched an attractive new financing program for the next five buyers this April of their Coral Gables condo project, Villa Valencia. Buyers can receive a zero-interest loan from the developer to finance a 50% deposit on condos in the boutique building. It is likely that buyers will be required to keep their primary homes as collateral and pay back the loan 90 days after closing, however, concrete details are yet to be shared.
With an expected delivery date of August 2021, the 39-unit luxury development will feature 19,000 sq. ft. of amenities besides a lobby lounge and garden. Highlighted amenities include pool deck with summer kitchens, entertainment areas, library, and dog park.
Prices range between $1.65 million to $14.9 million, with a choice of three- to six-bedroom residences
COVID-19 Violation, Loan Secured
With the 18-story building starting its vertical ascent only this January, construction was halted for 14 days. The City of Miami Beach issued a ‘stop work’ order to developer Multiplan Real Estate Management citing “failure to comply with the CDC safety regulations during the COVID-19 emergency period.” Authorities claimed that the construction site did not keep proper employee health logs, failing to comply with CDC safety regulations issued to restrict the spread of COVID-19. While the order put a two-week pause on construction, it remains to be seen what’s decided at the end of the prescribed period.
The building is more than 50% sold and also is half-way through its construction, with a planned completion of Fall 2021. Developer Multiplan also received a $58.5 million construction loan from Bank OZK. The company said it has sold 11 units in the last 45 days, with more than $46 million under contract. Once construction is completed, buyers can look forward to amenities such as a private resort spa, two beachfront infinity-edge swimming pools, outdoor bar and lounge, indoor Technogym, outdoor MyEquilibria gym, club room with chef’s kitchen and summer kitchen, poolside and beachfront concessions services and more, in addition to 81 luxury condos coming up on the site.
Prices range from $6.95 million to $8.5 million, with a choice of two- to four-bedroom residences. Penthouses range between $15 million and $35 million
Find a pre-construction you like? Call an expert today at (786) 930 4220.
Looking for more relief like the zero-interest down-payment loan above? Find a complete list of financial and real estate resources available during the coronavirus crisis here.