Miami’s New and Pre-Construction Condo Update: July 2022
Aug 12, 2022 August 12, 2022
Miami’s luxury condo market may have slowed down to catch its breath this summer, but developers seem to be moving full steam ahead with plans. Developer Location Ventures not only started closing on its freshly complete Villa Valencia luxury Coral Gables condos but also got approved to build an even larger, $350 million condo project at 1505 Ponce de Leon Blvd. Related’s District 225 broke ground and secured a new construction loan. Frank Gehry’s Equinox Hotel & Residences (the site of the historic Deauville), Brickell’s Cipriani Residences, and North Beach’s 72 Collins won key approvals.
This July, we also saw MAJOR rebranding to 888 Miami, as well as the previously rental Society Residences being renamed as The Elser Hotel & Residences (now condo-hotel). Koya Bay secured a construction loan to adhere to its 2023 completion deadline. And, the iconic Shops at Mary Brickell Village sold for $216 million with possible plans for a supertall.
Read on for more details on these and other updates in our Miami condo pre-construction market roundup for July 2022:
July 2022 - Miami Condo Pre-Construction Market News at a Glance
New Miami Condominium Projects Closings Started
New Miami Condominium Projects Broke Ground
New Miami Condominium Projects Approved
- Equinox Hotel & Residences – North Beach
- Cipriani Residences – Brickell
- 72 Collins – North Beach
- Location Ventures’ Luxury Condos – Coral Gables
New Miami Condominium Construction Updates
New Miami Condominium Projects Other Updates
- 888 Miami (previously MAJOR) – Brickell
- The Elser Hotel & Residences (previously Society Residences) – Downtown Miami
- Koya Bay – North Miami Beach
- Baccarat Residences (previously 444 Brickell / One Brickell) – Brickell
- 501 First Residences – Downtown Miami
- The Perigon – Mid-Beach
- The Crosby (Miami Worldcenter) – Downtown Miami
New Miami Condominium Projects Watchlist
- Supertall by 13th Floor Investments and Key International – Brickell
- Retail Buildings Sold for $18M – Little Haiti
- Related Group & BH Group Buy Office Building – Aventura
- Shops at Mary Brickell Village Sold for $216M - Brickell
New Miami Condominium Projects - Closings Started
Groundbreaking – June 2019 | Completion – July 2022
Buyers can now move into their DARWIN-powered luxury condo homes in Coral Gables, as Villa Valencia received its TCO this July. 100% complete and ready to welcome its first residents, this Green-certified building is home to 39 estate-sized condo residences. Developed by Location Ventures, the ultra-luxury project stands at 95% sold and is moving ahead with closings.
Designed by Hamed Rodriguez Architects, the 13-story Villa Valencia is the first condo building in America to feature the Delos DARWIN™ Home Wellness Intelligence network. In addition to offering a pure, optimized living environment, each extra-large residence also features a gourmet, eat-in kitchen with wine cooler, 8-foot European wood interior doors, 10-foot sliding glass doors, a relaxing soaking tub, luxe Brizo and Delta fixtures, huge walk-in closets, expansive outdoor terraces, and summer kitchens.
Amenities at this magnificent mid-rise include a 78-foot resort pool with lap lane & waterfall, hot & cold hydrotherapy baths, two summer kitchens, a hammam/steam room, entertainment space with billiards and golf simulator, a fitness facility with yoga, Pilates and weight training areas, a tea room with kitchen and bar, a fully-equipped boardroom, a library with outdoor terrace, a 10,000 sq. ft. park, a dog park, bike racks, EV charging stations, and more.
Prices start at $1.8 million, with a choice of three- to six-bedroom residences.
New Miami Condominium Projects - Broke Ground
Groundbreaking – July 2022 | Completion – 2024
Photo courtesy of The Next Miami
The fully pre-sold District 225 broke ground this July, as developers Related Group, ROVR Development, and BH Group also secured a $76 million construction loan to keep things moving smoothly. This flexible rental project allows owners to not only list their condos directly on Airbnb but also offer restriction-free stay times. Atlantic & Pacific will manage the short-term rentals listed on Airbnb.
Designed by Sieger Suarez, the 37-story tower will rise with no car parking. Each of its 343 luxury condos will be delivered fully finished and furnished by Meshberg Design, in consultation with Airbnb, and complete with the latest in-home smart tech. Amenities will include an expansive resort-style rooftop pool deck with plunge swim-spa and a fire pit, a state-of-the-art fitness facility, basketball and racquetball courts, a rock climbing wall, multi-purpose lounges, an on-site café, a virtual reality entertainment center, co-working spaces, museum-quality art, electric bike parking with charging stations, and access to the custom-developed ‘District’ app for smart-home management on the go.
Prices started at $350,000 and up to $700,000-plus, with a choice of studios, one- and two-bedroom residences.
New Miami Condominium Projects - Approved
Miami Dolphins owner Stephen Ross and architect Frank Gehry’s plans to replace the Deauville Resort with twin condo and hotel towers were approved by Miami Beach commissioners this July. Built in 1957, the 540-room Deauville was shut down after an electrical fire broke out in 2017. The former hotel site has been ordered for demolition citing safety issues.
Designed by New York’s legendary starchitect Frank Gehry, Equinox will feature a 175-key six-star hotel and 150 luxury residences. The shorter of the towers will house the world-class hotel, while the taller will be the condo tower. There will be a park-like, landscaped area between the two towers. The new designs will pay homage to the original Deauville.
The transformative project will also come with a load of public benefits, including funding for arts education in the area, money for a community facility, initial funding for the establishment of a housing relief fund, public beach access, and more. The next round of voting will take place in November, with Miami Beach voters deciding whether developers can move forward with a height increase.
Groundbreaking – Late 2022 | Completion – Late 2025
The Arquitectonica-designed Cipriani Residences are now approved by FAA to rise 80 stories or 940 feet above ground at the southern end of Brickell. Developed by Mast Capital and Italian hospitality icons, the Cipriani brothers, this luxury condo tower will be part of a 3-tower project at 1420 S. Miami Avenue. The other two towers, developed in association with Boston-based Rockpoint Group, will house 880 rental apartments and rise to a height of 60 and 50 stories each.
Expected to offer 420 ultra-luxury residences, the project will be built to the Italian standards of hospitality known of Cipriani. All condo residences will feature expansive terraces, custom Italian kitchen cabinetry, Wolf/Sub-Zero appliances, an intelligent interface with access to building services, and much more.
Amenities at the Cipriani Residences are planned to deliver the legacy brand’s world-class services and distinguished style. Residents will gain access to a two-pool deck with cabanas and food service, a sun terrace, a spa, a salon, a fitness center, a pickleball court, golf simulator, screening room, library, children’s playroom, round-the-clock Cipriani dining services inclusive of a Cipriani bar and private dining rooms, 10,000 square feet of retail, a dog park, and much more.
Together, the three-tower development will carry 1,300 residential units, 18,300 square feet of a full-service restaurant, 1,646 car parking spaces, and 2,472 bike parking spaces.
Find more details on Brickell’s Cipriani Residences, here.
Prices start at $1.1 million, with a choice of one plus den- to four-bedroom residences.
The 11-story 72 Collins Condominium, with co-living, proposed by New York-based Northlink Capital was approved by Miami Beach’s Design Review Board this July. The previous owner of the Denny’s-anchored property had plans to build a mixed-use hotel at the 7140 Collins Avenue site. A Northlink affiliate purchased the parcel out of foreclosure for $17.3 million last year.
Designed by Luis Revuelta, the 11-story condo will come accompanied by an 8-story annex, both sharing a unified façade. The North Beach development will also feature ground-floor retail space along with design upgrades like balconies instead of eyebrows, a passive rooftop, improvements to the Harding Avenue frontage, and a ramp instead of a car elevator.
Location Ventures’ Luxury Condos – Coral Gables
Groundbreaking – Late 2023 | Completion – Late 2026
After successfully completing the 39-unit, ultra-luxury Villa Valencia this July, developer Location Ventures won approval to build a larger, $350 million condo project at 1505 Ponce de Leon Boulevard. Designed by the Coral Gables-based Hamed Rodriguez Architects, the new tower will rise 16 stories with 87 luxury residences.
Location Ventures is working on signing a branding agreement with a high-end luxury brand to power its luxury condos. The building is expected to mainly house three- to four-bedroom residences, along with a small collection of one- and two-bedroom units. The tower will also be home to 10,500 square feet of retail plus 319 parking spaces.
Looking to launch sales by this fall, amenities at this ultra-luxury development would include a spa with steam room and sauna, a fourth-floor amenity deck, a full board room for private meetings, plus a public dog park outside the building along Mendoza Avenue. The 5,736-square-foot apartment building currently on the site, built in 1925, will be preserved and renovated to host restaurants.
Prices expected to start in the high $1 million range for likely three bedroom residences.
New Miami Condominium Projects - Construction Updates
Aman Hotel and Residences – Mid-Beach
After months of quiet, construction activity is finally underway at the Aman Miami Beach site. Developed by billionaires Vlad Doronin and Len Blavatnik, the condo-hotel had secured approvals from the Miami Beach Historic Preservation Board and the Miami Beach Planning Board last February.
The ultra-luxury project will feature 41 condo residences in a separate 16-story tower plus 23 condo-hotel units and 56 hotel rooms in the restored version of the historic Versailles building. While the residences will be designed by celebrated Japanese architect Kengo Kuma, its hotel side will feature designs by Jean Michel Gathy. The current list of amenities includes a rooftop pool deck with restaurant and bar, a world-class spa, and a ground-floor restaurant in the condo tower.
Groundbreaking – Summer 2022 | Completion – 2026
Preparing to break ground soon, construction activity started taking place at Miami’s first Waldorf Astoria this July. Designed by the famed Carlos Ott in association with Sieger Suarez, the 100-story supertall is conceptualized to look like a staggering stack of nine glass cubes. Home to a total of 306 condos and 205 hotel rooms, it will feature the hotel suites in its bottom 3 cubes and condos plus amenities in the upper 6.
72% sold within just 9 months of launching sales, the all-glass skyscraper will feature interiors by San Francisco’s award-winning BAMO. Residents will enjoy coming home to fully finished units with gourmet kitchens, custom Italian cabinetry hand-picked by BAMO, a high-end appliance package, fully built-out closets, flooring selections recommended by BAMO, Savant premium smart-home tech systems with custom mobile app access, and much more.
Amenities at the ultra-luxury supertall will include an immersive, resort-style pool with outdoor café and cabanas, Waldorf’s famous Peacock Alley lounge, a signature restaurant, an all-day dining brasserie, fitness center with private training studios, signature spa, private wine tasting room, owner’s lounge with billiards, a kids’ club, preferred rates and access to the hotel’s services, and more.
Prices start at $650,000 for Junior Suite Residences, $1 million for a 1-bedroom, $1.7 million for a 2-bedroom, $3,100,000 for a 3-bedroom, and $4,900,000 for a 4-bedroom residence.
New Miami Condominium Projects - Other Updates
Groundbreaking – Early 2023 | Completion – NA
With New York-based hospitality brand Major Food Group exiting the project, developer JDS Development has rebranded its Brickell-based supertall as 888 Miami. Designed by Studio Sofield in collaboration with ODP, sales are expected to launch this fall.
Rising to a height of 1,049 feet, 888 Miami will feature 259 luxury residences in 82 stories. Vying for the “tallest in Miami” tag, the condo-hotel will be built to emulate Gatsby-style energy and exuberance. Everything from its gold leaf-trimmed porte cochere to monolithic travertine slabs will hold to its Gatsby narrative. Standing out amongst its glass and stucco neighbors, the tower will also feature an ivory travertine façade, high-gloss steel columns, plus a crown wrapped in a filigree of gold spheres with Italian Futurism sculptures on each corner.
Amenities at this extravagant tower will include residential furniture custom-designed by Studio Sofield, multiple food and beverage concepts, a 35th-floor pool and party room, wine storage, a cigar room, event spaces, and three floors dedicated to sports and wellness – inclusive of a spa with mineral pool and champagne pool, a paddle court, a boxing area, an F1 simulator, plus a golf simulator. There will also be a special “lockout” function, allowing residences to transform into guest rooms and/or suites seamlessly.
Prices will range from $1.6 million to $11 million, with a choice of one- to four-bedroom residences.
Groundbreaking – 2019 | Completion – Summer 2022
In a nod to buyer demand, developer PMG first converted its nearly completed Society Residences rental tower into a luxury condo tower, and has now rebranded it as The Elser Hotel & Residences. Nearing completion, the 49-story tower is home to 646 luxury residences.
Designed by Sieger Suarez Architects, the short-term-rental-approved tower will open soon with fully furnished residences. Each luxury residence will feature porcelain wood-grain tile flooring throughout, smart keyless entry systems, smart home tech, custom kitchen cabinetry by Italkraft, stainless-steel appliances by Frigidaire, frameless glass-enclosed showers, and more.
Owners at The Elser will be allowed daily rentals with the option to enroll in the in-house short-term rental program with properties professionally managed by the New York-based Highgate. Besides 19,000 square feet of curated amenities, the condo-hotel is also home to 48,000 square feet of office and 5,000 square feet of prime retail space. Highlight amenities include a lobby-level cocktail bar & restaurant by Jaguar Sun, a coffee lounge by Cafe Domino, a 132-foot resort-style pool with private lounge areas, a 16-foot poolside screening LED wall, a sky entertainment lounge, a two-level coworking lab, a two-level gym, access to the custom Society Residences app, curated art and green walls throughout its common spaces, electric vehicle charging stations, and more.
Prices start from the $600s, with a choice of studios to three-bedroom residences.
Groundbreaking – January 2022 | Completion – Q1 2023
After breaking ground this January, developer Macken Companies secured a $16.5 million construction loan to keep their luxury, waterfront townhome project moving along. Designed by Randall Stofft Architects, Koya Bay will be a limited edition, guard-gated, waterfront community of only 10 smart townhomes in North Miami Beach.
Offering unmatched luxury on a prime cul-de-sac location, each 4-story townhome will feature a private boat dock, a rooftop terrace, a private elevator, and a two-car garage with optional car lift. Besides thoughtfully-designed, wide floor plans, all minimalist residences will come equipped with a range of timeless finishes in warm earthy tones.
Each of the tropical modern townhomes will further feature waterfront private terraces on every level, an outdoor jacuzzi and kitchen, an enclosed rooftop lounge, expanses of Calacatta porcelain, wood flooring, Wolf kitchen appliances, Caesarstone countertops with waterfall island, built-in wine storage, spa-like bath accented by a soaking tub, Hansgrohe fixtures, smart home tech, and more. A boater’s paradise, residents will have privileged access to the community’s beach and boat clubs, with Haulover cut and the ocean just minutes away.
Prices start at $2.2 million for a limited collection of 10 four-story townhomes with three- to five-bedroom residences.
Baccarat Residences (previously 444 Brickell / One Brickell) – Brickell
Groundbreaking – Fall 2022 | Completion – Fall 2025
Developer Related Group revealed plans of breaking ground this Fall as it applied for a height increase on its most luxurious project yet – the Baccarat Residences. Already approved for a height of 828 feet above ground, Related Group has proposed building the luxury tower to an increased height of 848 feet above ground.
Designed by Arquitectonica, Baccarat Residences is planned to rise 75 stories with 318 luxury residences, 28 riverfront flats and duplexes, and a 10,000-square-foot restaurant. The riverfront tower will feature an undulating façade as reflective as French crystals. Managed by Barry Sternlicht’s SH Hotels & Resorts, each of its luxury condos will boast high-end interiors by Meyer Davis Studio, characterized by a unique blend of 18th-century Paris, 21st-century Miami, and 1930s Art Deco influences.
Amenities at this waterfront tower will include a marina with yacht dockage, a luxury house yacht, plus a riverfront restaurant. Other amenities will include a pool, game room, spa, beauty salon and barber, wine cellar, children’s playroom, clubroom, grand salon for events, private workspaces, business center, and more.
The ultra-luxury Baccarat will be the first in a three-tower complex. Tower II is proposed to rise 897 feet above ground with rental apartments. Tower III is planned to rise 82 stories with a 249-room five-star hotel plus residential units. All in all, the riverfront complex will house 1,400 residences, a 249-room five-star hotel, and 24,463 square feet of retail.
Prices range from around $1.1 million to $3.5 million per unit, with a choice of one- to four-bedroom residences. Penthouses will be upwards of $14 million.
Groundbreaking – Fall 2022 | Completion – 2024
With its demolition permit in place, developer Aria Group is now pushing to acquire a foundation permit to get started on building its 40-story tower. Looking to break ground soon, the fully reserved tower will be built with no rental restrictions and no parking garage. Planned to feature 448 fully furnished residences, the tower will house amenity spaces on levels 1 to 3 and 37 to the rooftop, with all its luxury condos stacked on levels 4 through 36.
With architecture by Revuelta and interiors by Shim Projects, 501 First will also feature 10,000 square feet of retail. Each of its luxury residences will sport a balcony and a range of high-end touches such as innovative appliances by Smeg, Hansgrohe bathroom fixtures, custom Italian cabinetry, and more.
In addition to flexible rentals, residents will also be treated to amenities like a fully integrated ButterflyMX digital property access system, a rooftop deck with 75-foot resort-style lap pool, an oversized swim-spa, grill and chill sunrise-sunset decks, a rooftop with year-round Greenhouse, a rooftop movie theatre experience, a bistro and bar concept by New York’s GPG Hospitality, an indoor gym designed by HOMAGE Fitness, a media room & library, an outdoor game lawn, a club suite with game tables, co-working spaces, pet lounge, and more.
Developer Aria Group also has a deal to build a 22-seat classroom for Miami-Dade County Public Schools in order to meet the demand generated by additional housing. Find more highlights about the 501 First Residences here.
Prices start from the $300,000s, with a choice of studio, one- and two-bedroom residences.
Groundbreaking – NA | Completion – 2025
After launching sales this March, developers Mast Capital and Starwood Capital Group revealed more about what future residents can expect from the sophisticated interiors designed by London-based Tara Bernerd - best known for her private yacht and hospitality projects. Each luxury residence at The Perigon will feature designs evocative of the European riviera, elevated by the essence of a five-star resort. Affording residents a unique combination of organic fabrics, refined materiality, and tailored weaves in a soft and natural color palette, the aesthetic tower is set to establish itself as the next iteration in luxurious, oceanfront living.
Designed by Rem Koolhaas’ internationally-acclaimed OMA New York, The Perigon will rise 17 stories with 82 plush residences. Replacing the 15-story La Costa condos, this architectural gem will feature a unique terraced design, built as a series of towers rotated to frame and enhance water views from every residence. Besides becoming one of Miami Beach’s most recognizable buildings, the sustainable building will also look to obtain a LEED Gold certification upon completion.
Additionally, residences at The Perigon will feature light-filled, open floor plans with direct water views, 10-foot-high ceiling heights, and 10- to 12-foot-deep wraparound terraces. The oceanfront tower will also boast a unique connection to nature via its lush gardens and serene water features. Amenities at this stunning high-rise will include a beachfront swimming pool with hot tub, a fully landscaped deck with cabanas and sunbeds, a sunrise lounge and terrace, spa, ocean-view fitness center, an oceanfront restaurant, a speakeasy-style bar, a conservatory with daily breakfast bar, children’s playroom, private salon, screening room, wine room, house car, pool and beach service, in-residence dining, and much more.
Prices start at $3 million, with a choice of two- to four-bedroom residences.
Groundbreaking – Q1 2023 | Completion – Q1 2025
Signing their utilities deal with Miami-Dade County, developers Related Group and Merrimac Ventures have cemented their plans to build the 32-story Crosby with 450 luxury residences and 4,000 square feet of retail space. The short-term rental-friendly condo tower will be part of the 30-acre city-within-a-city - the Miami Worldcenter. Built without parking, the tower will be joining America’s most amenitized luxury condos of Paramount Miami Worldcenter plus the health and performance-centered Legacy Hotel & Residences at the mega Worldcenter.
Designed by Cohen Freeman Encinosa, The Crosby will feature interiors and furniture by New York’s AVRO I KO. All 450 residences will be delivered fully finished and furnished, complete with gourmet kitchens, custom Italian cabinetry and Bosch appliances, rain showers and custom Italian vanities, contemporary lighting packages, smart home tech, smart keyless entry systems, and balconies with 180- and 360-degree views.
Owners at The Crosby will have access to an optional in-house management program and third-party management services. The ready-to-rent tower will also include over 22,000 square feet of amenities. Highlights will include an expansive rooftop pool deck with BBQ stations, juice and coffee bar, a fire pit lounge, private rooftop restaurant bar, a fitness center with plunge pools, a gaming lounge, co-working spaces, museum-quality art, Italian-inspired trellis gardens, and much more.
Prices started in the $300,000s, with a choice of studios to two-bedroom residences.
New Miami Condominium Projects- Watchlist
Supertall by 13th Floor Investments and Key International – Brickell
Hiring a lobbyist to expedite plans to build an 80-story supertall at 609 Brickell Avenue, developers 13th Floor Investments and Key International are pushing to acquire land where the First Miami Presbyterian Church stands. Previously approved by the Church for a $240 million deal for the parcel, the developers were stalled when one of the Church members filed a complaint. We’ll be keeping a watch on this deal that has the potential to be built as a residential tower; right next door to Icon Brickell and a few steps from the Brickell City Center.
Shops at Mary Brickell Village Sold for $216M - Brickell
One of the most iconic retail centers in Miami, the Shops at Mary Brickell Village was sold for $216 million this July. MBV R2G Owner LLC, in care of New York-based RPT Realty, is said to have been the buyer. While the deal did not include the residential portion of the site, the complex does include a 31,000-square-foot Publix, around 200,000 square feet of multi-tenant retail, and an 800-space parking garage.
With developers fanning out of the city core as developable land runs tight, this sale of retail buildings makes it to our watchlist. Zoned to support up to 280 residential units, the retail parcels at 8200 N.E. Second Ave and 201 N.E. 82nd Street sold for a combined price of $18.15 million. Inclusive of the Ebb & Flow retail center, it remains to be seen whether developers plan to build affordable housing or a condo tower at this ripe site.
Related Group & BH Group Buy Office Building – Aventura
With Related looking to build every parcel in Miami to its full potential, this purchase makes it to our watchlist, too. Related and BH Group partnered to purchase a 10-story office building at 2999 N.E. 191st Street this July for $51 million. While the building is 95% leased, the partners hired Miami-based architecture firm Arquitectonica to design a mixed-use project to replace the site’s parking lot. The new building is expected to feature luxury residential units, Class-A office space, ground-floor retail and restaurant space, high-end amenities, plus a parking garage.
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