Miami’s New and Pre-Construction Condo Update: January 2019

Miami’s New and Pre-Construction Condo Update: January 2019

Feb 20, 2019 February 20, 2019

The pre-construction condo market’s been buzzing with news this new year. Canvas and Gran Paraiso are moving full steam ahead with their closings. 100 Las Olas topped off. And, someone will offer their residents a modest army of robots. Read on for details on these and more below:

Closings Underway

Canvas Arts & Entertainment District

Canvas – Arts & Entertainment District

Closings are underway at Canvas and buyers seem to be rushing in. Having received a Fannie Mae approval, prospective owners are now eligible for up to 97% financing, making this a highly lucrative opportunity. With comparatively smaller units and completely finished (not designer-ready like most pre-construction condos), ranging 650 to 1,250 sq. ft., the 37-story building also ranks high on attainability. Its grand opening was celebrated this January with synchronized swimming by the Aqualillies, live music and signature cocktails.

Amenities at this 513-unit luxury tower include sunrise-sunset pools, Zen treatment rooms, a ground-level restaurant and bar called Esotico Miami powered by the team behind Segafredo, a rooftop bar, eco-friendly gardens, yoga gardens, multimedia screening rooms, a sky-high 100-foot dog park and over 225 original works of art by 22 renowned street artists in its common spaces.

Prices range between $390,000 and $654,000, with a choice of studios, one- and two-bedroom residences

Gran Paraiso Edgewater

Gran Paraiso – Edgewater

The last tower in Edgewater’s quadruple condo-complex is now open with closings underway. The 54-story, 319-unit luxury building features shared amenities such as a Michael Schwartz restaurant, three bowling alleys, two tennis courts, a two-story gym and spa with juice bar, multiple pools, virtual golf and more.

Prices for remaining units start in the $800s per sq. ft.

Topped-off

100 Las Olas Fort Lauderdale

100 Las Olas – Fort Lauderdale

On track for a 2020 delivery, the tallest building in Fort Lauderdale has topped off at 46 stories (499 feet). The mixed-use tower features 238 Hyatt Centric hotel rooms occupying its lower 15 floors and 113 condos on floors 16 and upward. The landmark tower also houses 8,500 sq. ft. of retail and restaurants on its ground floor. Amenities include a resort-style pool with cabanas, news lounge, club room with kitchen and bar plus more.

Prices range from $800,000s to over $2 million, with a choice of two- to four-bedroom residences, and a two-story penthouse available at $5,999,000

Breaking Ground

YotelPad Downtown

YotelPad – Downtown

After selling more than half of its units, the first Yotel-branded residential project on the East Coast broke ground this January. The carless (garage-less) building is set to feature 222 hotel rooms on its lower levels and 231 condo pads on level 15 and upwards. The condo-hotel will come equipped with three Techi robot butlers that can deliver gifts, documents, food, beverages and more.

Other amenities include a fully-loaded sky lounge with game zone, a coffee bar, full-service restaurant and bar, co-working space, pool deck, lounge, pet salon, bike storage and more. Unit owners will also have the choice to participate in the condo-hotel’s short-term rental program, or rent to the likes of Airbnb without restrictions.

Prices average at $650/ sq. ft. and begin in the $300,000s, with a choice of 417 sq. ft. studios to 708 sq. ft. two-bedroom residences

Sales Launched

Villa Valencia Coral Gables

Villa Valencia – Coral Gables

With plans to break ground this May, sales have launched for this 39-unit boutique condo development. Pricing has been set to attract buyers downsizing from homes in Gables, Coconut Grove, South Miami and Pinecrest. While units ranging 2,800 sq. ft. to 3,276 sq. ft. start at $1.65 million, the 6,300 sq. ft. upper penthouse featuring a 4,600 sq. ft. terrace and pool is listed for $10.5 million. Buyers are expected to put 50% down.

Amenities include hydrotherapy plunge pools, a steam room, sauna, Hammam, 78-foot resort-style pool with two summer kitchens and sunbeds, an entertainment room with billiards, golf and driving simulators, a fitness center with yoga and Pilates and more.

Prices start at $1.65 million, with a choice of three- to four-bedroom residences and penthouses

Approved

Smart Brickell Brickell

Smart Brickell – Brickell

This three-tower project won approval from Miami’s Office of Zoning this January. With its ground-breaking scheduled for the last quarter of 2019, the first tower is already sold out and its second tower launched sales last November. Just like the first tower, the second tower too features 50 hotel rooms and 50 condos. The project prides itself on having a flexible short-term rental program, giving residents the freedom to rent out 24 times a year (twice a month), even to the like of AirBnB. Amenities include two resort-style pools, a spa, Sky bar and restaurant, rooftop lounge and party room. All units will be delivered fully furnished and ready-to-move-in.

Prices range between $300,000 and $600,000, with a choice of one- to two-bedroom residences


Planned

Solé Mia mini-city – North Miami

Solé Mia mini-city – North Miami

With its 184-acre “mini-city” ready to open this February, featuring a lagoon and a Costco, developers Turnberry and New York-based LeFrak have announced plans to construct a 33-story, 300-unit condo tower. Eventually, the mini-city will include 4,000 residential units (rental and condo), a hotel, school, parks and more than 500,000 square feet of office and retail space.


Other Updates

Waldorf Astoria Hotel and Residences Downtown Miami

Waldorf Astoria Hotel and Residences – Downtown Miami

As developers get ready to launch sales, this 98-story supertall managed to secure a $33 million construction loan. Once complete, the 400-unit,140-key condo-hotel will become the tallest residential tower south of New York, standing 1,041 feet tall. With an estimated sellout of $1 billion, the projected price for an average unit works out to under $2 million. Bringing Waldorf Astoria’s familiar levels of comfort to Miami’s waterfront, amenities at this condo-hotel will include a ground-level atrium with world-class restaurants and retailers, a unique health spa, pool, fitness center and more.

Monaco Yacht Club & Residences North Beach

Monaco Yacht Club & Residences – North Beach

Optimum Development USA scored a $55 million construction loan for its waterfront, boutique condo project. The 11-story, 39-unit luxury development will occupy one of the last remaining vacant bayfront sites in North Beach. Each unit is designed to capture direct water views at this Europe-inspired, nautically-themed building. Amenities include a rooftop terrace with pool and Jacuzzi, yoga space, fitness center and a 12-slip marina, among others.

Prices range from $1.1 million to over $8 million, with a choice of 918 sq. ft. condos to more than 5,000 sq. ft. residences

57 Ocean Mid-Beach in Miami Beach

57 Ocean – Mid-Beach in Miami Beach

After launching sales last October, 57 Ocean’s brand-new sales gallery is now open to prospective buyers. The $3 million, oceanfront gallery houses scale models of the tower and neighborhood, along with a model unit on the upper floor. Foundation work has already begun and construction is set to start this April, irrespective of the level of presales.

Coming up in place of the Marlborough House, the luxury project will rise 18 stories with a total of 81 condo units. Amenities include an outdoor wellness garden, yoga deck, spa with thermal suite, two pools, third floor sundeck, pool bar and lounge, club room, library, vertical gardens, underground parking and more.

Prices range between $1.5 million and $31 million, with a choice of two- to four-bedroom residences



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