To those not in the know, The Wall Street Journal article last week regarding One Thousand Museum helped to shed a lot of light on the closely guarded ultra-luxury pre-construction development before its formal unveiling later this month. Although an image taken from a cell phone of the proposed residential high-rise had recently surfaced, the renderings which accompanied the article were the first to be made public by way of the developer.
The Wall Street Journal article is a great read, and I highly recommend it, but for those who like to get right to the point, here’s a quick rundown of what was shared regarding One Thousand Museum in the article:
- One Thousand Museum will cost $300M to construct.
- It will rise 706 feet and have an “exoskeleton” to eliminate the need for interior columns.
- According to the developers, the duplex penthouse at One Thousand Museum will likely be priced between $30M-$50M.
- Half-floor residences will have around 4,500 interior square feet.
- Full-floor residences will have around 9,900 interior square feet.
- Prices will range from $4M to $15M, or $900 to $1,400 per square foot.
- The average price per square foot for oceanfront units in Miami Beach that are currently under construction is $1,000 to $1,250.
- New construction prices for Downtown Miami is typically around $450 to $500 per square foot.
- One Thousand Museum “will be financed with a combination of developer equity, a loan from a nonbank investment fund and deposits of 60% from buyers”.
By the way, you can view the renderings which accompanied the article on my One Thousand Museum condos page. Check them out there!
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