Marina Blue – A Repeat Performance for Hyperion Development or a New Chance to Shine?

December 26, 2007 by Lucas Lechuga

Marina Blue

A very interesting article regarding the condo development called Marina Blue was published yesterday in the International Herald Tribune. The article focuses on Hyperion Development, the developer of Marina Blue, and its damaged reputation as a result of the large “delays and unhappy buyers” at its first development called Blue.

Some residents at the first tower, named Blue, are threatening to sue the company for not delivering on amenities while other owners at the 330-unit complex are trying to sell their condos for less than they paid.

Blue’s problems have hurt Hyperion’s reputation enough that consultants say that some buyers who put down deposits at the company’s second tower, the 516-unit Marina Blue, may decide not to close. Other Marina Blue buyers have sued to get their deposits back.

The problems raise questions about the ability of Hyperion to repay a $110 million construction loan as well as its ability to develop future projects in the Miami market.

It will be interesting to see if Hyperion Development has learned its lesson and delivers all amenities and common areas completely done at Marina Blue. I know from reading the comments that are left here, that this is a HUGE concern of contract holders of condos at Marina Blue and those who have an interest in purchasing a condo there. Sales agents at the Marina Blue sales office have assured me that all common areas will be delivered when closings begin but I won’t believe it until I see it. Closings are scheduled to begin within the next week, so we won’t have to wait long to see if those promises were kept. You can be sure that I’ll be keeping a close eye on how closings go at Marina Blue in the upcoming months.

Leave a Reply

22 Comments on "Marina Blue – A Repeat Performance for Hyperion Development or a New Chance to Shine?"


Sort by:   newest | oldest | most voted
Anonymous
8 years 9 months ago
Lucas, What do you truly think about the potential of Marina Blue? I Believe that this is a superior location to most other locations in Miami. The views will be great, offering a mix of endless bayviews and cosmopolitan style living. I still believe the architecture (floor-to-ceiling, and wall-to-wall glass) will make it stand out among other buildings. You have to keep in consideration that the building offers these architectural attributes in one-bedroom units. This is rare. Many other buildings like 1800 Club stick the one bedrooms facing the city only. It may take some time for the area to… Read more »
Anonymous
RA
8 years 9 months ago
From the outside appreances I agree the building and location are marvelous. Granted the location will be up and coming and not the best now but it has all the potential. The building itself is grand and agree with Samir that the all glass design is stunning. Driving up north on Biscayne and seeing it is truly amazing. That’s something the other towers don’t offer. Only Marquis but at such a higher premium. I think Marina Blue will do great and it will depend on the ammnaties being delivered on-time and perfect. A big selling point was their Sky Beach… Read more »
Anonymous
8 years 9 months ago

We will see in a few weeks. Let’s hope that everything turns out well. I would expect the developer would want to do right by all purchasers and finish the product as promised or even better. After all I think Hyperion’s original plans were to build 5 buildings or more. If they can not deliver on this one, then forget about the rest.

Anonymous
8 years 9 months ago
I agree. I think the location offers the most upside potential over the next 5-10 years when compared to all other neighborhoods throughout Miami. The only people that can’t see this are the people who have lived in Miami throughout their entire life. In 10 years it will be THE place to live. However, there will be defaulted units regardless of if they deliver the building completely finished or not. If they don’t deliver the building completely finished, however, the default rate will be much higher. It is difficult to say where prices will be at Marina Blue over the… Read more »
Anonymous
RA
8 years 9 months ago
Yep, agree. I think so far the exterior is simply amazing. Beautiful glass and impressive building if you are standing in front of the arena looking at it. Don’t see why they wouldn’t deliver it complete…got alot riding on it not only for reputation as a developer but like Lucas said the default rate will be much lower if buyers see that the place is well done complete. Would make it more attractive and desirable. I’m with most in stating that PArk West will be the premier adress to live in the next few years. The place oozes with potential… Read more »
Anonymous
8 years 9 months ago

Lucas,

What have you heard about the developments by Art Falcone for behind Marina Blue and Ten Museum Park?

Anonymous
8 years 9 months ago

Samir,

I’ve heard very little concerning those developments by Art Falcone. All I know is what BoB Miami wrote 1-2 months ago. Where has BoB gone anyways?

Anonymous
RA
8 years 9 months ago

Well based on what we all heard and read in the papers about Art Falcone if the renderings do happen you can bet Park West will be a World Class Adress. Matter of fact, if you drive around the block west behind Marina Blue you will see there are a few building being demolished and cleared. Dunno the resons behind it but atleast it’s a sign of progress. Now we need all the masses of bums that lay there to clear out. Anyone heard the status on the Camilus House relocation. Wasn’t it supposed ot happen already.

Anonymous
Raffi
8 years 9 months ago

The only concern I have for the future is that with 516 units in that corner of biscayne I can’t imagine what traffic will be like once people actually move in. I mean you have 4 buildings hugging each other. Getting out of One Miami is a royal pain in the ass in the morning, I can’t imagine what this will be like.

Anonymous
RA
8 years 9 months ago

I think there alot more space between those 4 buildings on the side roads and also One Miami is kinda cornered around all the biz district where for atleast now the 4 towers are kinda by themselves for now. So short term I think it will be ok but long term once the area develops it may get a little congested. But also remember the trucks once the port tunnel is built will free u a whole lot more especially around the 4 towers.

Anonymous
RA
8 years 9 months ago

BTW: Drive infront of Marina Blue…the FECE Inlet is now visable looks fantastic!! Amazing view. Guess they were working on it and finally we now get to see some stuff. A glimpse of what Miami is to come. Really looks good!

Anonymous
Marcus Bui
8 years 8 months ago

Lucas,
I love the building too, it is incredible. But the area still is a bit dicey so is this more of a long term investment.
Do you have the original price list for this building u can post? thanks.
Marcus

Anonymous
8 years 8 months ago

Marcus,

No, I don’t have the initial price list for Marina Blue.

Anonymous
CA
8 years 8 months ago

Marcus,
Can u plz comment more on “the area still is a bit dicey “? I have not been to Miami lately to see. Thanks

Anonymous
RA
8 years 8 months ago
Dicey, maening that the area of Park West in general still needs alot of work. Lots of homeless people and empty lots. So the area directly behind..10 Museum Park, Marquis, 900 Biscayne and Marina Blue. Keep in mind that most of the property around has been bought by powerful developers with intent to build. The question is when will they start. IMO, once the towers are all complete and the residents move in we will see better clean up because the residents will put pressure on the city to clean it up. After all if you’re spending 1 million for… Read more »
Anonymous
CA
8 years 8 months ago

who woud want to spend 500K-1M to be near a rundown area…That is a big question and how long it would take before it is cleaned up ? 2-3 years , 5 years, or 10 years ? any comments?

Anonymous
RA
8 years 8 months ago

I would. Think of it as long term. Years is unkown but it will happen hopefully sonner rather than later.

Look at South Beach…Drug Dealers and Old folks in the 80’s and look what happened in the 90’s Prime time National spotlight area.

Alot of things have been set in motion for the area to develop. Think about it 5 Years ago all these beautiful towers were run down parking lots. What a difference 5 years makes.

Anonymous
8 years 6 months ago

Once these buildings begin closings, expect things to move rapidly in the surrounding area. You are starting to already see it in the Arts District as a result of the openings of Quantum, 1800 Club, Opera Tower, Onyx, Star Lofts. More retail has opened. And hold retail is being torn down to make the lots at least look cleaner. The city I believe will begin reconstruction of Biscayne Blvd between Marquis and 36th street soon. It was budgeted for years ago and should be next on the schedule.

Anonymous
8 years 6 months ago

meant ‘older’ not ‘hold’

Anonymous
PS
8 years 6 months ago
I am looking at Marina Blue as a very postive to the area, my concerns are that Hyperion wants to stay on site and control rentals and sales. We need each owner to be able to do as they need to to better themselves, not the developer. To not allow rentals through the building and bot allow people who didn’t sign up for $50,000 flooring and paint to not be allowed in the pool are shades of the past. I own a building in another part of Fl where we ran the developer out of town and we never got… Read more »
Anonymous
hilton
8 years 1 month ago

PS,
What do you mean not allowing rentals? Do you mean that you can only rent if thru the developer’s mgmt co.?
If you don’y but their package, you can’t use the pool? I know you had to resell thru them, but not the other things you posted.
Did you close or walk?

Anonymous
Un-Related
8 years 1 month ago

PS said: “We were not allowed to sell through any other broker. Our fees to sell prior to completeion we 8%? Again this shows the temp of the $$$$ of ours tgo support the developer”

Damn. That building wasn’t even a Gourge Perez project…..but Hyperion has cloned his “prop up” the artificial valuations SCAM. Those beetches at RCRS were only charging 7.75% for resales or 6% to rent.

wpDiscuz

For Real Estate
Related Needs And Inquiries

please complete the form below

  • This field is for validation purposes and should be left unchanged.