Miami Condo Market and Lifestyle Updates
Jorge Perez’s newest residential baby

Jorge Perez’s newest residential baby

by Sep Niakan | September 12, 2013

Jorge Perez’s newest residential baby, Edgewater’s Element condo project, has recently received a new name and a proposed third tower. A move making it the second-largest condo project in the city. The newly dubbed Paraiso Bay (a mixing of English and Spanish) could now be building a third tower to the initial two-tower project, bringing the total unit count from 700 to 1,000. The Urban Design Review Board has already given its approval to the project, however, Related’s desire to close 31st Street will require the permission of the entire city commission.

The original plans included two 55-story towers housing approximately 700 units, though early marketing materials already suggested plans for a third tower on the northeast corner of the site. The project is also notable given its size. Residential projects have not risen to the 400-unit mark since before the real estate bubble burst in 2007.

Even then, Related Group was building ultra-dense residences such as the Icon Brickell with its 1,800 units. Now, the project recently known as Element would be the second biggest planned in the city, second only to the 1,274-unit Brickell CityCentre. The Arquitectonica designed buildings will offer residences with one to four bedrooms, plus penthouses. Pricing on the first tower are expected to start at an average $525 per square foot.

Notably, building designers have placed the buildings on either side of the 31st Street corridor in order to preserve the street, specifically against Related’s wishes. Though the only sacrifice would be deck and pedestal space. The 4.6-acre site was purchased this past April for $29 million, over twice as much as its asking price in February 2012.

Recent posts


Where to Find the Best Latin and Caribbean Food in Miami?

by Sep Niakan | February 15, 2017

Miami has always been a melting pot of cultures. From the Bahamians that came to work at the Peacock Inn in the 1870s to influx of Cuban immigrants in the 1960s. Miami didn’t just welcome people with open arms, but also embraced their...

Real Estate News

2017 is Going to Be a Renter’s Market for Downtown Miami Condos and Apartments

by Sep Niakan | February 12, 2017

If you thought living in Downtown Miami was a distant dream, think again. 2017 comes bearing great news for those who’ve always wanted to live close to the urban core but couldn’t afford it. You will now be able to rent a Downtown Miami...

Real Estate News

Cité Condo in Miami Edgewater is Now Fannie Mae Approved, 5% Down Payments Are Back

by Sep Niakan | February 12, 2017

If you’ve been eyeing property in Edgewater, I have great news for you. With Edgewater’s Cité condos getting Fannie Mae approved, you could now get in with a lower down payment. Or better still, have reduced monthly payments due...

Real Estate News

Frost Museum of Science Likely Ready to Debut in Downtown Miami this Spring

by Sep Niakan | February 05, 2017

It looks like the Patricia and Phillip Frost Museum of Science has finally got the “spring” back in its step. A quick Google search reveals that the facility aims to open ‘early 2017’, which means it could be ready just in...