Miami’s New and Pre-Construction Condo Update: March 2017
Apr 14, 2017 April 14, 2017
March has been a pretty busy month for Miami’s condo pre-construction market. From two sales gallery launches to four buildings topping-off, there’s been plenty of activity to keep the market abuzz. The biggest news, however, came in the form of the grand opening of the Porsche Design Tower.
Take a look below for a lowdown on Miami’s new and pre-construction condo market this March:
Miami Condo Sales Launches & Sales Gallery Openings
One River Point now has a museum-quality $3.5 million sales gallery. The two-story, 5,000 sq. ft. sales center is as unique as the upcoming twin-tower it sits across. You could take a virtual tour around the units via its media wall and 3-D glasses, walk through a model kitchen, master suite and bath as well as check out details of the Sky Club on the upper level.
One River Point is set to soar 800 feet by the river at 24 SW Fourth Street. A first by KAR Properties in South Florida, the twin tower will feature 386 luxury condos. Besides an 85-foot waterfall and supertall status, the development’s also making headlines for its one-of-a-kind, 55th story Sky Club. This glass-encased, members-only club will sit on a floating sky bridge, complete with fine-dining, wine tasting and cigar lounges.
Prices range from $870,000 to $12 million with a choice of three to four bedrooms, penthouses and villas
Merrick Manor too launched its sales gallery at 4200 Laguna Street, Coral Gables this March. The 5,000 sq. ft. sales center from Astor Companies lets you browse through a model unit; complete with living room, master bedroom, gourmet kitchen and bath.
Bringing classic elegance to condo living, the 10-story, 227-unit building will feature high-end interiors and furnishings by Steven G. Also expect 19,000 sq. ft. of retail, a 4th floor “Merrick Retreat” and entertainment complex inclusive of a sky-terrace pool, fitness center, bar, bistro and outdoor BBQ area as well as a beautifully appointed business center.
Over 50% under contract - Prices for remaining units range from $500,000 to $3 million with a choice of one to five bedrooms
Pulling out all the stops, Dezer Development celebrated the grand opening of its one-of-a-kind, ultra luxury condo tower with an Alicia Keys performance. Fireworks and models painted head to toe in a glittery silver were the other attractions of opening night. However, the highlight of the stellar evening was a tour of its crowning jewel - the Dezervator. The Dezervator is a patented elevator that delivers residents and their cars straight up to their private garage in the sky. Other amenities include a game room with race-car simulators, ballroom and movie theater.
105 of its 132 units closed – Prices range from $5 million to $32.5 million
The soon-to-be tallest building in Fort Lauderdale broke ground this March. 100 Las Olas aims to soar 499 feet and will house 121 luxury condo residences along with a 238-room hotel, indoor-outdoor restaurant and bar. Other amenities at this Kotler Group development include a social Club 100, resort-style private pool with cabanas, observation deck and casual news room.
Prices start at $800,000 with a choice of two to three bedrooms, each with den
Two out of the three Park Grove towers by Terra and Related have topped off. Two Park Grove sits closer to the Bay and features four units a floor, while the Club Residences are the furthest with up to eight units per floor. Completion of the two towers is expected early 2018. Construction is yet to begin on ‘One Park Grove’ that’s also close to the Bay.
The Park Grove complex will feature a 3,500 sq. ft signature restaurant by Chef Michael Schwartz and a 2-acre sculpture park by the landscape firm Enea. With lifestyle curated by Colin Cowie, amenities include a luxury pool with private cabanas, private screening room, adult game room, indoor/outdoor yoga spaces, bike and watercraft storage along with butler and nautical-themed concierge services.
80% presold - Prices range from $2.1 million to $14 million with a choice of one to four bedrooms
Related Group and Dezer Development’s joint venture condo-hotel in Midtown stands topped off. The Hyde Midtown houses 410 condo units and 60 hotel suites. Its ground floor features nine retail spaces owned by Alex Vadia. The seventh floor comes dedicated to Midtown Miami’s only tennis court. Other amenities include the Hyde Music Lounge & Piano Bar, a pool terrace, putting greens, a bocce court, private screening theater and a generous six-story parking garage.
80% presold – Prices of remaining units range from $430,000 to $2 million
Newgard Development Group’s Gale Residences have topped off just in time for an early 2018 delivery. The 12-story, 122-condo development sits next to the Escape Hotel, which is also being re-developed under the ‘Gale’ brand. Residents will have access to the hotel’s services including a rooftop pool and bar, room service and housekeeping. Residents can also rent out their units under the development’s ‘flexible living’ policy. Other amenities include an eighth-floor lounge deck, swimming pool, gym and private theater.
85% presold - Prices start at $550,000 with a choice of one to three bedrooms
Another mixed-use development slated for a 2018 completion, Giralda Place reached the top in March. This 9-story, 33-unit development features 23 condos, 10 townhomes, 13,900 sq. ft. of ground-level retail, 101,300 sq. ft. of Class A office spaces and a 419-car parking garage. Amenities include a full-floor leisure level featuring a heated pool, lounges, day beds and a wet bar along with a fitness center and electric car charging stations.
24% under contract – Prices range from $915,000 to $1.7 million (excluding penthouses)
Resorts World Miami’s Bus Terminal Redevelopment – Arts & Entertainment District
Still unsuccessful in fetching an approval for their casino resort, Resorts World, a Genting Group subsidiary, has submitted plans for a $200 million redevelopment. After the county requested suggestions on redeveloping a bus terminal and adjacent Metromover station in the A&E District, the Group’s proposed putting a 36-story tower on top of the terminal. This tower will front a grand public plaza and feature 20 floors of residences and a 300-room hotel. While the residences will average 918 sq. ft., the hotel rooms will average 350 sq. ft. Whether the residences will turn out to be condos or rentals is yet to be seen.
Atlantis – Bay Harbour Islands
A mid-rise condo project by the Saba Group, Rilea Group and Grupo Burotto has won zoning approvals from the city’s planning and zoning board. If developed, the building will feature contemporary island architecture with condos ranging between 1,033 sq. ft. and 1,990 sq. ft. in size. Other noteworthy features include a 60-foot-long rooftop pool, extensive landscaping and 15 different floor plans to choose from. The project now has to seek approval for 11 TDRs or “transfer of development rights” from the city commission.
A highly anticipated first from the fashion house famous for its zigzag designs, Missoni Baia has had a change of sales team. The Fortune International Group now handles sales and marketing for this OKO Group development instead of Cervera Real Estate. Fortune will also be managing sales for the Group’s 2-acre waterfront parcel sitting north of Missoni.
The waterfront Missoni Baia will be a 57-story, 146-unit luxury condo development. Amenities include interiors by Italian fashion house Missoni, a bayfront boardwalk, bayfront lounge and pool, children’s water features, beauty salon, one of Miami’s largest spas and a flow-through pool deck with cabanas, among others.
Prices continue to average $900 per square feet with a choice of two + den to four bedrooms
Issues & Lawsuits
Related Group’s Proposed Luxury Condo Project – Terminal Island
Coast Guard raises objections over security concerns
The Related Group’s 25-story, waterfront luxury condo tower proposed for Terminal Island has run into troubled waters. The 90-condo development will be positioned to overlook the Coast Guard Miami Beach station. As obvious, the base’s Captain has cited this as a security and operations concern. Another objection raised by longtime activist, Frank Del Vecchio is that for any private owner to request re-zoning, they would have to own majority of the frontage. However, Related only owns about 3.7 acres of the 18-acre site, which is only about 20%. For more info, click here.
P&O Global Technologies’ Proposed Condo Tower – North Bay Village
Residents oppose height increase ordinance and more
Malaysian-based company, P&O Global Technologies has proposed a 77-condo, 340-foot luxury tower for the sleepy village. However, a residents’ outcry ended up deferring North Bay Village commissioners from approving three ordinances - and stalling plans for the new building.
If passed, these ordinances would have allowed the development of 340 ft. structures on an overlay district in Harbor Island - higher than the current 240 ft. approval and more than double the current tallest structure at 170 ft. The second rejected approval would have allowed for a transfer of development rights from Vogel Park, which would have delivered $2.2 million in revenues. And, a third would have allowed for a mechanical elevator parking space for the proposed tower along with a lease option for residents of the island. P&O’s only option is to come back with a shorter and skinnier tower, with a reduced height of 290 feet and width of 50% of street frontage instead of the original 60%.