Miami’s New and Pre-Construction Condo Update: March 2017

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 PointMiami River

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

One river point

One River Point
 
Merrick ManorCoral Gables

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

Merrick Manor

merrick manor


Now Open

Porsche Design TowerSunny Isles Beach

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

Porsche Design Tower
 
Groundbreakings

100 Las OlasFort Lauderdale

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

100 Las Olas


 
Top-offs

Two Park Grove & Park Grove Club ResidencesCoconut Grove

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

Two Park Grove


 
Hyde Midtown - Midtown

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

Hyde Midtown

Hyde Midtown
 
Gale ResidencesFort Lauderdale Beach

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

Giralda PlaceCoral Gables

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)

Proposals

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.

Approvals

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.

Other Updates

Missoni Baia - Edgewater

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%.

Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(786) 930-4220
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Recent Posts

Greater Downtown Miami Luxury Condo Market Report -- Q3 2019
Real Estate News Greater Downtown Miami Luxury Condo Market Report -- Q3 2019
CondoBlackBook.com’s luxury condo market report for Q3 2019 outlines how sales increased in Miami overall, median prices went down, and heavy inventory kept buyers in control. This report breaks down how neighborhoods in the Greater Downtown area fared individually, as well as compared to the Miami market as a whole. For the purpose of this report, we’ve included areas with the Zip codes 33129, 33130, 33131, 33132, 33136, 33137 – essentially Downtown, Arts & Entertainment District, Edgewater, Midtown, Wynwood, Brickell, Brickell Key, and more. Further, this luxury condo market report only features properties priced $1 million and above. Greater Downtown Miami Luxury Market at a Glance (year over year) Greater Downtown Miami Luxury Condo Market Q3 2019 Highlights: Sales down year-over-year in all neighborhoods Trailing 12-month sales trendline positive for all neighborhoods, except Edgewater Price per sq. ft. lower than Q3 2018 in all neighborhoods Median sales price higher than...
The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
Real Estate News The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
This year, CondoBlackBook.com again teamed up with HB Roswell Realty to analyze the latest new construction resale data across Miami. We tracked new condo units built between 2017 and 2019 in Miami’s urban core and beach areas that have since been sold by the original owner in the first three quarters of 2019. What we found builds upon last year’s report and is surprising—most sellers lost money. On average, Miami new construction condo resales lost around 13.9% when factoring in costs (1.7% at purchase and 6.8% at sale).*  This follows our analysis conducted over the same period last year in which we found sellers lost 11% on average. Our team analyzed 116 new construction resales in Greater Downtown Miami, Coconut Grove, Miami Beaches and the surrounding islands (except Fisher Island and Key Biscayne) that closed in 2019 and found that 40 broke even or made a profit, while 76 resales lost money—nearly 65% of the owners in our study (compared to a similar figure of 63% in last...
Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
Real Estate News Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
The latest from CondoBlackBook.com’s Q3 2019 report for luxury condos in Miami shows some slight shifts from the previous quarter -- while overall sales and the median sales price increased, the median price per square foot dropped and a sustained inventory surplus means we’re still in a buyer’s market. This report breaks down how the combined Coral Gables and Coconut Grove fared in the third quarter. For the purpose of this luxury condo market report, we’ve only featured properties priced $1 million and above. Coral Gables and Coconut Grove Luxury Condo Market Q3 2019 Highlights: Sales slightly short of last year’s outstanding performance Positive sales trendline, showing sustained market momentum Price per sq. ft. is lower compared to Q3 2018 Overall inventory drops significantly Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1 Slight Slip in Overall Luxury Condo Sales YoY sales decline marginally, but are higher than 2017, 2016 and 2015 with positive...
Miami’s New and Pre-Construction Condo Update: October 2019
Real Estate News Miami’s New and Pre-Construction Condo Update: October 2019
Supertalls took over pre-construction news this Halloween month. The tallest in the city – Okan Tower won construction approvals. The fourth tallest in Miami, Brickell Flatiron celebrated its completion milestone. The Turnberry Ocean Club, one of the tallest on the Atlantic Coast, topped off. And, the tallest in Edgewater, Missoni Baia snagged a $243 million construction loan. Read on for details on these and other condo pre-construction updates for the month of October below:  Completed Brickell Flatiron - Brickell At 736 feet above ground, Brickell Flatiron now stands complete. It is the fourth tallest building in Miami, just behind Panorama Tower (868 feet above ground), Four Seasons (around 800 feet), and the Southeast Financial Center (764 feet). With closings beginning shortly, 95% of the tower is already sold out. The 64-story skyscraper is home to 527 ultra-luxury condo residences, offering high-end amenities such as a sky pool with lounge, rooftop gym and spa, urban...
Miami Beach Luxury Condo Market Report -- Q3 2019
Real Estate News Miami Beach Luxury Condo Market Report -- Q3 2019
In our overall Miami luxury condo market report for Q3 2019, we saw an increase in sales, a decline in median prices, and heavy inventory keeping things in favor of the buyer. This report breaks down how the neighborhoods in Miami Beach and the barrier islands reacted over the quarter individually, as well as against the market as a whole. For the purpose of this report, we’ve included the sub-neighborhoods of South Beach, Mid-Beach, Sunny Isles Beach, Surfside, and Bal Harbour as part of this Miami Beach grouping. Also, this luxury condo market report only features properties priced $1 million and above. Miami Beach Market at a Glance Miami Beach Luxury Condo Market Q3 2019 Highlights: Miami Beach sales almost match Q3 2018 Sales trendline positive for all neighborhoods Year-over-year sales improve in South Beach, Surfside & Bal Harbour  Miami Beach price per sq. ft. is same as Q3 last year Surfside & Bal Harbour report highest jump in quarter-over-quarter median sales...
The Most Luxurious Condo Buildings in Coconut Grove
Real Estate News The Most Luxurious Condo Buildings in Coconut Grove
Coconut Grove is not just about rich foliage, but is also home to quite a few luxury condo residences. To get a taste of this historic neighborhood plus its plush properties, we’ve enlisted the 5 Most Expensive Condo Buildings in Coconut Grove and bonus pre-constructions that set the bar high for phenomenal living in the city. Why Choose Coconut Grove? Coconut Grove Main Highway. Photo courtesy of MiamiAndBeaches.com The partly coastal neighborhood of Coconut Grove is characterized by lush, tropical foliage and a relaxed Bohemian vibe. Its bouquet of rare boutiques, unique shops, colorful cafés, diverse restaurants, historical venues, lush parks, and easy access to water sports plus a nautical lifestyle make it a breezy neighborhood to live in. The Best of the Best Condos in Coconut Grove  Ritz-Carlton Coconut Grove – 3300, 3340, 3350 and 3400 SW 27th Avenue, Coconut Grove Avg. sales price $624 per sq ftBacked by the world-famous hospitality brand, this waterfront...