Miami’s New and Pre-Construction Condo Update: February 2017
Mar 31, 2017 March 31, 2017
Of late numbers might have you thinking that things are slowing down in Miami’s condo market, but there’s still a lot of action taking place on the ground. For the month of February, we had a grand opening, two sales launches and some approvals to keep the market abuzz.
Here’s looking at the top developments this February in Miami’s new and pre-construction condo market:
Miami Condo Sales Launches & Sales Office Openings
Michael Stern’s JDS officially launched sales for their statement creation in South Beach, the Monad Terrace. The reflective waterfront building is registered for sales in New York. Ground-breaking is expected to take place soon, since the New-York-based developer is targeting 2019 for delivery.
This 59-unit, luxury condo building is Pritzker Prize-winning Jean Nouvel’s first in Florida. The French architect has not only designed the building, but will also be designing each unit. Amenities include a sun deck with bayfront pool, climbing gardens for shade, dock access and a residents’ lounge among others.
Prices start at $2 million with a choice of 2-5 bedrooms
The Ritz-Carlton Residences unveiled their brand-new $1 million+ sales gallery at 15800 Collins Avenue. Across the street from the oceanfront luxury condo tower, it replaces their previous waterfront site. Vertical construction is already underway as the 212-unit tower broke ground last summer.
Presales stood at 64% as of February 2017, including deals on three out of five penthouses, with the fourth in negotiations. The average sales price hovers at $1500/sq. ft., with a completion date of mid-2019.
The timeless interiors of the 52-story tower come designed by Florentine architect Michele Bönan in a sophisticatedly soothing neutral palette. Besides sweeping views of the Atlantic, the luxury condo building will be home to a 33rd floor private club inclusive of a lounge, two bars, guest suites, business center and dining area, in addition to a kids club, on-site restaurant, pool deck, private beach amenities and more.
Prices range from $1.9 million to $30 million (for penthouses) with a choice of 2-5 bedrooms
Allure Development’s boutique condo project in Bay Harbour Islands also launched sales this February. Seven-storied Sophie will feature an interior atrium breezeway for ventilation, complete with hanging gardens tropical landscaping and a 100-foot long linear fountain. With only 26 units, Sophie will offer residents a rooftop pool, gym & spa, kids’ playroom, beach club membership and photographs by artist Sophie Rouillon in its common areas.
Prices start at $420/sq. ft. with a choice of 2-3 (+ den) bedrooms
Now Open Miami Condos
With a grand opening featuring a performance by the Gypsy Kings and live-streamed demolition of Hyde Beach House (sister project), the Hyde Resort & Residences stand open. Completely sold out, this 40-condo, 367-hotel room luxury development features move-in ready units with flooring, furniture, wall coverings and even silverware. Amenities at this waterfront resort-residence include a pool bar and café, an Emena spa and three restaurants including the Hyde Beach Terrazas.
Sold out – Prices ranged from $750,000 to $2 million
Miami Condo City Approvals
The City of Miami Board gave its approval to the mixed-use tower proposed to replace Brickell’s Burger King-anchored strip mall. The 78-story, 960-foot supertall will feature 392 condos, 66,618 sq. ft. of retail occupying four floors, 464 parking spaces and bicycle parking. Developed by the Karam Group, the LEED Silver building is being designed by Nichols Brosch Wurst Wolfe & Associates.
Issues & Lawsuits for Planned Miami Condos
Capriccio – Bay Harbour Islands
Rejected over multiple design issues
The Bay Harbour Planning and Zoning Board rejected the approval of the proposed Capriccio’s by a 4-1 vote. After review, the board cited multiple issues with the condo building. Elements in need of revision include the enormous size of the parking lot and its proximity to the street, landscaping and the need to walk to the street for trash disposal. Once fixed, the 30-story condo building will be welcome to seek approval.
Apeiron Miami – North Miami
Feud over dated agreement violations
Residents continue their battle with Apeiron developers over development on the common grounds at the Jockey Club condo complex. The condo associations of Jockey Club I and II claim that Apeiron is trampling over a pair of binding agreements from 1977 and 1995 that block any further development from taking place at the club. The case is set for trial for a period of three weeks starting February 27.
If built, the Apeiron will be an ultra-modern addition to the complex, featuring two 40-story towers, with 90 hotel rooms and 240 condo units (also served by the hotel portion), a five-acre indoor/outdoor health and wellness complex, new clay tennis courts, outdoor pools and a reconstructed marina with 38 deep-water yacht slips. So far, Jockey Club III residents seem to be onboard with team Apeiron’s Horst Schulze, Michael Bedner and Muayad Abbas.
Stay tuned for more updates each month!