Monthly Pre-Construction Condo Update: January 2018
Feb 18, 2018 February 18, 2018
From possibilities of a luxury high-rise in North Miami to a win-win for the contentious Privé at Island Estates, the condo pre-construction market opened the year on a positive note. Read on to find out what’s planned for Downtown, how Genting’s using its vacant mega-plot and more updates below:
The year started on a great note for developers BH3 and Gary Cohen as they have three accomplishments under their belt. One building in the twin tower complex has already received its TCO and the second tower is now complete (awaiting TCO). The 160-unit condo project is 80% sold and has begun closings. It has also, finally, won a $26 million verdict against the Williams Island Property Owners’ Association. The association was trying to stall development of the two-tower project since 2013, citing that Cohen agreed in the 1990s to only build single-family homes on the site. The jury voted in favor of Privé citing a 1982 agreement with the original developers that prohibits both parties from interfering with new projects.
Privé prides itself in sitting on its own, private island with 70,000 sq. ft. of amenities. Highlights include interiors by Steven G, a huge art collection, two fitness centers, multiple pools, Jacuzzis, a café, hobby rooms, and guest suites plus private marina slips for sale.
Prices range from $2.5 million to over $12 million for remaining units
Photograph : Courtesy of Prive at Island Estates
On target for its 2018 opening, the 23-story south tower of Auberge Beach topped off this January. The 17-story north tower had topped off last year and is 97% sold. The 171-condo project boasts of 450 linear feet of ocean frontage, a fitness center, spa, golf simulator, two restaurants, wine cellar and more.
Prices average at $1,000 per sq. ft., with a choice of one to five bedroom residences measuring 1,500 sq. ft. to 5,000 sq. ft.
The last tower in the quadruple condo-complex dominating Edgewater has topped off. Along with Gran Paraiso, the mega-development brings 1400 condos to this opportunely located district. Shared amenities at the complex include a Michael Schwartz restaurant, multiple pools, a two-story gym and spa with juice bar, bowling lanes, virtual golf and more.
Prices for remaining units start in the $800s per sq. ft.
Photograph : Courtesy of Gran Praiso
Waterfront Condos by Brickell Motors - North Miami
January brought good cheer for Brickell Motors’ president Mario Murgado. The North Miami Planning Commission went ahead and approved plans for his waterfront luxury development, with certain limitations. The planning commission approved a zoning change and land use amendment, which is now pending review by the city council. If the city council approves, Murgado will be able to fit up to 107 units on his waterfront lot (almost double the current cap of 52 units).
Mixed-use Ocean Terrace Development – North Beach
The Historic Preservation Board approved the redevelopment of more than 11 buildings along Ocean Terrace. Developer Sandor Scher and his team had earlier proposed the demolition of these historic buildings, which was slammed by the board and activists. After being sent back to the drawing board, the developer came up with plans to re-use and restore street-level façades of these Art Deco and MiMo-style buildings. If all goes well, you could be looking at a 235-foot condo tower, hotel component, under- and above-ground parking plus upscale shops to pep up North Beach.
Mixed-use Project by NR Investments – Arts and Entertainment District
NR Investments plans on getting two more projects started in the Arts and Entertainment District. While one will be a rental with office space, the other will be a mixed-use development with condos. South of Canvas, the 1.14-acre site is set to include a 45-story tower featuring 457 condos, an 11-story hotel with 150 rooms and 30,000 sq. ft. of office space.
Get ready to welcome the first Yotel-branded residential project on the East Coast. With plans of breaking ground this year, this micro-hotel brand seeks to deliver 208 fully-furnished condos and 250 Yotel cabins by 2020. The 30-story building will also be home to a fully loaded sky lounge with game zone, a coffee bar, co-working space, pool deck, pet spa, bike storage and more. Unit owners will further have the choice to participate in the condo-hotel’s short-term rental program.
Prices begin at $250,000, with a choice of 425 sq. ft. studios to 700 sq. ft. two-bedroom residences
Photograph : Courtesy of YotelPad
Fisher Island Investments managed to nab a $90 million loan to complete the construction of Palazzo Della Luna and fund the sellout of its sister development, Palazzo Del Sol. Accessible only via the island’s auto-ferry or private yacht, the 50-unit development offers a host of 6-star amenities. Highlights include a beauty salon, multiple pools, pool bar, spa, fitness center, tea gardens, croquet lawn, bocce ball court, tranquility gardens, yoga lawn and more.
Photograph : Courtesy of Pallazo Della Luna
It seems like the waiting game for Resorts World Miami to come through is becoming a never-ending one. Starting with Art Miami and the Context Art Fair last year, Genting has now entered into a multi-year partnership with events group ‘Loud and Live’ to use its vacant plot as an events arena. So, you can soon look forward to world-class events dropping an anchor at this waterfront parcel, but not the mega-resort and casino it was envisioned to be. However, on the other hand, the city commission has agreed to lease submerged land in Biscayne Bay to Genting for the development of a 50-slip mega-yacht marina.
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Photograph : Courtesy of Resorts World Miami