The Filling Station Lofts Goes Condo, Again
The Filling Station Lofts, one of Miami’s more eclectic residential rental buildings built in the last two real estate cycles, is going condo again. Begun in the 2000s as an urban live/work condo bloc with large, double-height lofts and that ‘converted from an old factory’ look, it was very unusual for Miami. The project stalled in foreclosure as the condo bubble of 2008 busted, after an advertising and sales push called “Bubble Proof” that suggested a buyer’s desire to own a unique space, such as a loft in Miami, and not quick profits, should be the motivating factor behind making such a purchase.
That didn’t work, and the Filling Stations lofts stood as an empty concrete shell, one of those discards of the market crash, for a few years being resurrected by new developers and completed as a rental building in 2014. Now, with 75-percent occupancy, demand reflected in solid rental rates, and Fannie Mae mortgage approval, the Filling Station is going condo, again, according to the Real Deal. With questions looming about the softening condo market and a possible ‘correction,’ here’s to hoping history doesn’t repeat itself.