The Miami real estate market also continues to be strong, but with a number of headwinds, including the withdrawal of Brazilians and Russians from the market, as their currencies have plummeted this year. That being said, Miami condo prices are still rising, up from last year 5% in Miami Beach to $653 per square foot
Its Paramount residential tower will break ground soon, with 470 luxury apartments (starting at $700,000 for one-bedrooms and $1.4 million for three-bedrooms).
When completed in Q1 2018, Miami Worldcenter will house its signature residential tower, Paramount Miami Worldcenter, rising 700 feet over 60 stories, with 473 units. Elkus Manfredi Architects designed the building to look somewhat in an oval shape, with the crown of the building designed to look like a sleek Italian yacht.
The building will be comprised of large units, 1 to 3 bedrooms. A 1-bedroom plus den starts in the mid-$700,000’s for 1,491 square feet. A 2-bedroom plus den starts from the $900,000’s for 1,835 square feet. And, a 3-bedroom starts at $1,400,000 for 2,578 square feet.
Residences will feature 10-foot ceilings, private elevator access (there are no common hallways!), convertible dens, large entertainment spaces, rain showers, and lock-out studios for select units. Each residence has outdoor terraces ranging from 187 square feet to 291 square feet, perfect for Large indoor/outdoor living that Miami weather is made for.
All residents will feel like they live in a penthouse, as the top four floors will house the Skydeck, which features the Skyview lounge, sunrise pool, fire pit, infinity pool, sundeck, and yoga studio. And, the other amenities are out of this world. The 9th floor features a conservatory, indoor/outdoor lounge, spa and salon, indoor state-of-the-art fitness center, boxing studio and aerobics area, kids playroom, and even a recording studio! Exterior amenities can be found on the Upper Deck, which will feature the resort pool, cabanas, summer kitchen with BBQ, floating sea pods, sitting areas with fire pits, children’s playground, soccer field, tennis courts and ½ km jogging path.
Miami World Center, a mixed-use development that includes first-class shopping, hotels, restaurants, and entertainment over 30 acres in prime downtown Miami. The project is the 2nd largest in the US and will feature a huge Marriott Marquis Hotel and Convention Center, The Mall at Miami World Center anchored by Bloomingdale’s and Macy’s, the 7th Street Promenade (a pedestrian only outdoor promenade in the theme of Lincoln Road), and other residential components.
The public space will ultimately stretch from the Rickenbacker Causeway to the Julia Tuttle, with an additional 5 miles along the Miami River, following a 1979 law that requires every new development to reserve 20 feet of land from the water for public access.
The Biscayne Line, the proposed 7-mile bay walk along Biscayne Bay from the Julia Tuttle Causeway south to Downtown Miami may just become a reality. The Related Group, which has a ton of Miami luxury real estate projects sprouting in the Edgewater and Omni neighborhoods, may finance the project, which would be a boon for property owners in these and nearby neighborhoods, as well as the Related Group itself, as it will be able to sell more luxury condos in these developing neighborhoods.
While properties built after 1979 are required to reserve 20 feet from the water for public access, many of the older bay front properties in the Edgewater and Omni neighborhoods are fenced and private, inhibiting walking or biking along Biscayne Bay. Anyone who runs, bikes, or walks around these neighborhoods will know that they have to either zigzag through the streets to their destination or use pedestrian-unfriendly Biscayne Boulevard.
By creating floating docks along those parts of the bay front that is fenced off, Related will connect neighborhoods and create a more compelling reason to invest in this area. Creating a contiguous bay walk will change the surrounding neighborhoods for the better, making Miami luxury real estate projects, like Icon Bay, Paraiso Bay, One Paraiso, Grand Paraiso, Bay House, as well as Paramount Bay, more compelling investments.
Potentially, a 5-mile river walk along the Miami River may be in the cards, especially if the bay walk is successful.
“Ah, Miami-Dade County: the land of dreamers, visionaries, builders, and fabulously peculiar towns and neighborhoods. Before the real estate land boom of the 1920s it was a swampland, but that didn’t stop the country’s rich from coming to make their mark. These early pioneers came with big ideas that would be the beginning of quirky, one-of-a-kind places. We took a look at the origin stories of nine Miami neighborhoods.
Brickell sure has come a long way. Remember when Brickell Avenue was Millionaire’s Row? For the younger set, how about when Tobacco Road was one of the only bars around and parking was a breeze? In 1871, Ohioans William and Mary Brickell (now the name Mary Brickell Village makes sense) came to Miami and set up shop on the south side of the Miami River. They opened and operated the area’s first trading post and post office. Brickell is now the booming Financial District of the city thanks in part to Mary. You see, Bill was more of a recluse, while Mary was a social entrepreneur. She developed Millionaire’s Row on present-day Brickell Avenue, as well as Brickell Hammock, which is now The Roads. Their land was so expansive, it stretched to parts of Coconut Grove. As the neighborhood continues to change (we see you Brickell City Centre) and expand, its boundaries are spilling over into another historic neighborhood, Little Havana.”
It is always fascinating how neighborhoods got their names, and that they keep them for such a long time, even though times and neighborhoods change.
Brickell had the first trading post in the Miami area back in the late 1800s and Brickell Avenue eventually became known as Millionaire’s Row. Now, Brickell is the lifeblood of the Financial Industry, attracting international banking firms and other companies involved in international trade from all over the world. Most recently, new residential projects are bringing much more needed density to the neighborhood, including SLS Lux, Brickell City Center and Icon Brickell. This will solidify Brickell’s position as Miami’s Millionaire’s Row, as well as an international finance and trading hub.
The Design District was formed in the 1920 as a home and design center, which continued through the 70s when it descended into disrepair. Interest in the area renewed at the turn of the millennia. Now, the Design District has turned full circle. However, not only has it become a center for furniture and fixture showrooms, art galleries, and restaurants, but also a huge luxury retail sector, including designer brands like Louis Vuitton, Christian Louboutin, Hermes, Cartier and Dior.
Wynwood was renamed from its original Wyndwood Park in the early 1900s. The area was home to factories, a fashion district and now it is an arts district. Wynwood is synonymous with art, having the largest concentration of graffiti anywhere in the US. The Wynwood scene attracts Miami’s hipsters, so it has the cache of New York’s Williamsburg or Lower East Side. Accordingly, area is ripe for much more development, given its central location and bohemian vibe.
The Omni neighborhood got its name from the Omni International Mall that opened in the 70s. With the mall long closed, the area is now experiencing a revival of sorts. Omni is now home to the new Adrienne Arsht Center for the Performing Arts. It is also the site of the former Miami Herald site, which may become Miami’s first casino if developer Ghenting has anyting to do with it. With its location on Biscayne Bay, Omni is ripe for a lot of future residential development, including new projects such as Aria on the Bay, Auberge and the as yet to be named Gloria Estafan project.
If you want to see what types of properties you can find in each of these neighborhoods, check out those below:
“Sales have launched at the Faena District for the two towers coming to the Versailles Hotel property, known as Versailles Classic and Versailles Contemporary.”
The Faena Group has just launched another amazing tower in similar stature to its fabulously successful Faena House designed by Norman Foster. The new tower, called Faena Versailles Contemporary, will rise 18-stories nestled between Faena House to the south and Faena Versailles Classic, an art deco hotel to condo renovation, to the north.
Versailles Classic just launched sales of its 22 residential units. In keeping with the original architecture, these units will be heavy on the art deco with a modern twist.
The tower to watch, however, is Versailles Contemporary. Architect Brandon Haw reinterpreted the curved façade of the old Versailles hotel to come up with some very interesting modern curves for the new tower. Versailles Contemporary was designed to maximize views, with sweeping terraces east and west that modulate down to a combination of large bay windows with window seats. The curved terraces and curved glass corner windows are striking, to say the least. The large terraces allow owners to take much of their activities outside and be at one with nature – the beach, the sea and even the city.
Residences will feature Terrazzo, marble and wood in warm soft greys and whites. The windows will be glazed with some light bronze adding an intriguing tint to the windows. The interesting balustrades, reminiscent of those used in Faena House, will be a smooth warm white.
The building will feature 41 unique residences, ranging from 1,111 square feet 1 bedroom to 5,469 square feet 5 bedroom apartments. Two grand full-floor penthouses (one with a rooftop pool), will feature 360-degree panoramic views with over 8,000 interior square feet. Prices start at $3 million and go up to $50 million.
Argentinian hotelier Alan Faena is building his own mini city on Miami Beach on the six blocks north of 32nd Street at Collins. The Faena District, as it is called, with feature not only the Versailles Classic and Versailles Contemporary, but also Faena Hotel (a luxury renovation of the old Saxony hotel), Faena House (an ultra-luxury residential tower), shops, restaurants, art galleries, opera, theater, marina, and park, much of which was designed by architect Rem Koolhaas and his company OMA.
“The downtown Miami condominium market is cooling, as many foreign investors retreat to the sidelines amid currency devaluations against the U.S. dollar, according to a report released Tuesday by Miami’s Downtown Development Authority.”
The Miami Downtown Development Authority issued its latest Downtown Miami Residential Market Report in Q1 2015, with some notable takeaways:
There are early signs of slowing demand of new construction, most likely because of the strength of the US dollar. However, pricing remains steady.
Resale units are trading at a 35% discount to new development. Accordingly to the Downtown Miami Residential Market Report, we feel that the deals can be found at resale buildings in prime locations with protected views of Biscayne Bay, such as Marquis, 900 Biscayne, Icon Brickell, and Paramount Bay, to name a few.
The number of units in construction in Downtown Miami is 6,019, with an additional 2,070 units in the contracting stage.
Strong core banking, legal, construction and tourism industries, are all driving positive local economic conditions. One should not that S&P recently raised its rating on Miami bonds by 4 notches to A+ investment grade.
The Chinese are set to become much larger players in the South Florida real estate market. Chinese investors have been purchasing development sites (such as the old Capital site in Brickell) and several business groups have made efforts to increase exposure to Chinese buyers, as well as lobby for direct air routes to Asia.
The L’Atelier Residences penthouse will have its own private 40-foot-long infinity pool
Just listed in Miami Beach is a $33 million penthouse at the new condo building, L’Atelier Residences in Miami Beach. The new project will rise on the site of the former Golden Sands hotel, famous for its Rat Pack days when it hosted the likes of Frank Sinatra, Sammy Davis and Dean Martin.
The $33 million penthouse at L’Atelier will have a 40-foot long infinity pool and will take up 8,000 interior square feet over the entire 17th and 18th floors. An additional 8,000 outdoor space takes Miami indoor/outdoor living to the extreme.
L’Atelier is a limited collection of 21 residences, mostly half and full floors over 18 stories. Residences have 10-foot ceilings, Poliform Kitchens, summer kitchens on every terrace. Each unit has been designed as complete flow-through residences, offering great views in every direction. Revuelta Architecture designed the building and Holly Hunt designed the interiors. Half floor residences are 2,300 square feet and start at $3.96 million and full floor residences are 4,000 square feet and start at $10.26 million. As for amenities, L’Atelier owners will have access to concierge, private beach area, poolside cabanas, oceanfront infinity pool, spa, and state-of-the-art gym.
Close by is Canyon Ranch (now called Carillon), The Bath Club, the new Bath Club Estates, a collection of 13 full floor units on the beach, La Gorce Island and Country Club. If you are in the market for a Penthouse, check out our Miami Beach Penthouses for Sale.
Armani/Casa set to design its first US luxury residence in Sunny Isles, Miami
Armani Casa Residences Miami will rise 60-stories along 200 linear feet of oceanfront in Sunny Isles Florida when it is completed in 2017. The luxurious high-end interiors, as well as the common spaces will be sure to bring a new level of taste to Sunny Isles Beach.
Designed by Argentinian architect Cesar Pelli, the building will have 261 units, each with 10-foot ceilings, floor-to-ceiling windows, and expansive balconies with glass and aluminum railings. Of course, Armani Casa will be designing the condo interiors, as well as the common areas in their signature style, setting Residences by Armani heads and shoulders above the competition.
Amenities include elegant port cochere entry with ocean view, two story lobby, elevated lushly landscaped oceanfront terrace with heated swimming pool, hot tub and pool attendants, private oceanfront restaurant and lounge, bar lounge at lobby level, state of the art fitness center overlooking the ocean, Turkish Hammam with treatment rooms, and curated art collection throughout the amenity spaces.
Units will range from 2 to 4 bedrooms, ranging in size from 1,358 square feet to 3,756 square feet of interior and 491 sq. ft. to 1,539 sq. ft. of exterior. Prices range from $1.8 million to $5.3 million. The Residences by Armani Casa is being developed by Dezer Development and the Related Group, two of the top developers in South Florida.
While there is a lot of interesting new development going on in Miami and Miami Beach, Miami best condo deals can be found at the existing buildings that were built in the best locations with the best views. Take, for instance, Downtown Miami, while some interesting projects like Paramount Miami and Auberge have launched, other
“1 Hotel, the 426-room joint venture between Starwood Capital Group’s Barry Sternlicht and developer Richard LeFrak, opens Wednesday.”
1 Hotel and Homes is opening its South Beach doors tomorrow. The new concept hotel and condo project is located at 23rd and Collins, directly on 600 feet of Atlantic Oceanfront and features a massive pool deck, rooftop pool, and restaurant by Tom Colicchio, who is bringing a Farm-to-Table concept to his Beachcraft seaside grill. In addition to the hotels units, the project will feature 163 residences, most with Ocean view, that will have 24/7 access to hotel amenities.
The 1 Hotel and Homes concept was the brainchild of Barry Sternlicht of Starwood, who created the W Hotel brand itself and made St. Regis into a real luxury brand. He also created the Baccarat Hotel and Residences, which just opened the doors of its flagship hotel in NYC. Mr. Sternlicht is joined by famed NYC developer Richard Le Frak and Brazilian designer Debora Aguiar in creating this eco-friendly concept hotel and residences.
The new chain already has one location in NYC and another one coming to Brooklyn Bridge Park in Brooklyn. The plan is for a couple dozen 1 Hotel and Homes, an eco-friendly concept, not only in the operation of the hotel, but also in the selection of materials used in construction. The idea was to replace synthetic with natural elements throughout the project, using sustainable and low impact natural materials.
I guess the 3rd time’s a charm. This project has gone through many iterations, first as the Roney Palace, then as Paradiso, and most recently Gansevoort South. We trust that 1 Hotel and Homes will be very successful given Barry Sterlicht’s involvement in the project.