Miami’s New and Pre-Construction Condo Update: June 2017
Jul 18, 2017 July 18, 2017
There’s a lot to report on the pre-construction front for the month of June. Residents of Brickell Heights now have possession of their keys, One Thousand Museum is seeking permission to add a helipad, Aria on the Bay requires a lower deposit on its units and Coconut Grove could get its very own Glasshaus. Continue reading for more updates on Miami’s pre-construction condo market.
Brickell Heights held its opening ceremony this June. The 690-unit condo twin towers were unveiled amongst sensational performances by Grammy award-winner Cucu Diamantes, acrobatic acts by Equinox and art by Eduardo Capillo. Condo owners now have possession of their keys. Amenities at these sold out towers include Miami’s first SoulCycle studio, a three-level Equinox gym, movie theater, pool deck, David Rockwell-designed entertainment room, a pedestrian sidewalk and more.
Sold out by the developer but plenty on the market to rent and buy, with a choice of one to two plus den bedroom-units
Brickell Heights East Tower For Sale and Rent
Brickell Heights West Tower for Sale and Rent
Looking forward to a 2021 completion, the Aston Martin sales gallery is now open at 300 Biscayne Boulevard Way. The sail-styled building will house 391 luxury condos. Key design cues from the British sports car maker will adorn the two private lobbies, two-level ocean-view fitness center, full service spa and other shared spaces. Its amenities include a 55th floor infinity-edge pool, exclusive super yacht marina, art gallery and more. The sales center also flaunts a work-of-art – the Aston Martin Vulcan in white.
Prices range from $600,000s to $50 million, with a choice of one to four bedroom-units, penthouses and a duplex penthouse.
Three out of the four luxury towers are now topped off in Related Group’s quadruple condo complex. The 53-story, 276-unit One Paraiso stands 99% sold out on top off. The four tower complex is set to feature a Michael Schwartz eatery, three pools, a beach club, two-story gym and spa with juice bar. Once GranParaiso, the last in the complex to top off is complete, there will be 1400 new condos added to Edgewater.
Prices range from $600 per sq. ft. to $700 per sq. ft., with a choice of one to three bedroom units and penthouses.
In a class of its own, the 5-story Glasshaus proposed the opening of its sales center in June. This boutique condo development by GD.8 and Element Development LLC will only be home to 23 contemporary residences. With an all glass exterior, the “glass house” is expected to feature a resort-style rooftop pool deck, a Zen Garden, detached fitness center, underground parking and more. Each and every owner will additionally become a member of the Coconut Grove Sailing Club located next door.
Prices range from $595,000 to $1.2 million, with a choice of one to three bedroom units.
Developers Gregg Covin and Louis Birdman have requested the city for inclusion of a private helipad to the late Zaha Hadid-designed condo tower. While the proposed pad will add to the 701-foot tower, it still won’t exceed the 709-feet height approved by the FAA. The 62-story, 83-unit luxury condo tower is aiming for a 2018 completion. Other amenities at this uniquely designed tower include an 8th floor pool deck and fitness center, 9th floor spa and relaxation sky lounge, plus a 5,600 sq. ft. ground level restaurant.
Prices range from $5.5 million to over $20 million, with a choice of half-floor units, two-story duplexes and full-floor penthouses.
G & G Business Developments LLC has requested FAA approval to build the 391-unit condo tower. Rising 816 feet above ground, the riverfront tower will stand at a total of 820 feet above sea level. Backed by the legendary sports car maker, the residences will feature premium amenities and already owns a state-of-the-art sales center.
One of the most epic mixed-use developments, the construction of the Paramount Miami Worldcenter is in full swing and surpassed podium level this June. The mega development also released its Penthouse Collection Series, which showcases 26 upscale residences. All of these standout units will be housed in the upper levels of the 60-story residential tower. Part of a 27-acre complex, amenities here include a ‘Sky Deck’ with its own sky lounge, observatory, multiple pools, sundeck and Tai Chi deck.
Prices range from $3.5 million to $9.5 million, with a choice of four to five bedroom penthouses and duplexes.
The beachfront Auberge Beach Residences are inching towards completion as the north tower nears top off and the south tower completes fourth floor construction. The 171-unit condo tower will feature a farm-to-table restaurant with ocean views, wine vault and room with hand-picked bottles for buyers and full-scale spa inclusive of a salon, plunge pool and indoor-outdoor treatment cabanas. While the north tower is 91% sold, the south tower stand 50% sold.
Prices range from $1.6 million to $10 million, with a choice of one to four bedroom units.
One Park Grove’s sales gallery has moved to 2850 Tigertail Ave. as construction moves ahead. The 297-unit, three-tower complex was 80% presold as of March this year. Once complete, residents will find a signature restaurant on-site by Chef Michael Schwartz of Michael’s Genuine Food & Drink and Harry’s Pizzeria fame. There will also be sculptures by Spanish artist Jaume Plensa in its open spaces, an exclusive lifestyle curated by Colin Cowie, multiple pools and more at this luxury condo complex.
Prices range from $1 million to $14 million, with a choice of two to five bedroom units.
The exquisite Ritz-Carlton Residences are taking shape as the building exteriors and structure stand completed. All elevators are operational, with all windows installed and stucco plus primer paint underway. The Pierro Lissoni-designed 212-unit condo would have its power turned on in June as well. The lakeside 52-story tower will feature a restaurant, wellness center, pool deck, kids club, 33rd floor private club, lounge, two bars, guest suites and many more five-star amenities.
Prices range from $2 million to $40 million, with a choice of one to four bedroom units and penthouses.
The Turnberry Ocean Club Residences are making great progress on the construction and finance front. Turnberry Associates managed to secure a $259 million construction loan for the luxury condo tower. The 154-unit, 54-story residences broke ground in November last year and are expected to be delivered by the end of 2019. Amenities at these oceanfront condos include a $100 million Sky Club with sunset and sunrise pools, two restaurants, three bars, a sunset lounge, pet retreat, hydrotherapy spa and more. Owners will also get membership to privileges at the Turnberry Isle Resort and preferred rates at Fontainebleau Aviation.
Prices range from $3.9 million to $35 million, with a choice of three to six bedroom units.
The Related Group has secured a $115 million loan to proceed with the construction of Hyde Beach House. The 41-story building will house 77 condos and 265 hotel rooms. Residents will enjoy various amenities including a pool deck with an infinity pool and outdoor kitchen, outdoor movie theatre, permanent installation of curated art throughout public spaces, sports club, aqua club, rooftop lounge, a beach club, Hyde’s signature restaurant and more.
Prices range from $430,000 to $1.3 million, with a choice of one to three bedroom units.
Prospective buyers can now enjoy a lower deposit requirement for units within this luxurious 53-story complex. Developer Melo Group reduced its 50% deposit to 35% for regular units and 20% for units costing more than $1 million. The 648-unit, 53-story tower is already 80% presold. Amenities include a 14th floor amenity deck, fire pits, four pools, outdoor summer kitchens, a world-class gym and yoga studio, private spa, entertainment room, business center and more. The resplendent condo tower is expected to be completed by first quarter next year.
Prices range from $400,000s to $6 million, with a choice of one to four bedroom units and penthouses.
Issues & Lawsuits
Lender files foreclosure lawsuit, forcing refinance
The JDS Development Group has moved to refinance the construction of its boutique development, Monad Terrace. The lawsuit came about when Monad Terrace Property Owner LLC and others failed to pay off the $45.8 million mortgage principal. The developers stated that they will respond to this ‘meritless’ lawsuit in due time. Read more here.
Developers triumph over neighboring homeowners
After a four-year long suit, the developers of Privé at Island Estates can breathe easy with the legal permission to pursue construction of the twin-towered complex in Aventura. The Island Estates Homeowners Association and the Williams Island Property Owners Association, both sued the developers for breaching an agreement secured in the late 1990s to construct only single-family residences in the area. Miami-Dade Circuit Judge William Thomas ruled that the statute of limitations had long expired. Read more here.