Checking in on Melo Group’s Aria on the Bay
Things are really coming along for Melo Group’s Aria on the Bay, according to construction photos shared by The Next Miami this afternoon. The tower went vertical in December of 2015 and is scheduled for completion in late 2017.
According to our sales representative for the project, they are currently 70% sold with opportunities remaining for around $400,000-$1,800,000.
Melo Group has previously developed Bay House condos, 23 Biscayne Bay, 1800 Biscayne Plaza, as well as a host of residential rental buildings in the Edgewater area and Arts and Entertainment District. Aria is slated to be the most luxurious of its portfolio.
The 53 story tower is really starting to take shape!
Aria on the Bay Construction Progress
One Thousand Museum Construction Tour
Enjoying the view from One Thousand Museum with developer Gregg Covin
Yesterday morning, I was given the opportunity to tour the One Thousand Museum construction site with co-developer Gregg Covin. It was quite a treat to finally step foot inside a development that I have followed so closely over the past three and a half years. As a resident of Park West, I walk and drive by the One Thousand Museum construction site on a daily basis; to admire its impressive form from the street is one thing, but to tour it and see the building’s lines and curves from the inside looking out is quite another.
As of yesterday morning, construction at One Thousand Museum had reached the 19th floor. While on my guided tour, I was permitted to go as high as the 15th floor. Even from just the 15th floor, however, the views were breathtaking. Along with three townhouse units, each with impressive 20-foot ceilings in the living and family rooms, I also had a chance to tour two half floor residences, one located on the south side of the building and the other on the north side. When viewing the half floor residence located on the north side of the building, I was pleasantly surprised by the amount of separation the residence had from its neighbors to the north at Ten Museum Park. From street-level, One Thousand Museum and Ten Museum Park are just about connected, but the residences themselves have good separation due to the pools that wrap around at the top of each building’s pedestal.
If all goes according to plan, One Thousand Museum will be topped off this time next year. While touring the building yesterday, Covin shared with me that hopes to top-off the building by August 2017 and then obtain a TCO about 13 months thereafter. Until then, One Thousand Museum is a masterpiece in the making.
southeast corner townhouse unit
overlooking the living room with 20-foot ceilings
second level of southeast corner townhouse
touring a half floor residence
overlooking Museum Park
view east from 1000 Museum
terrace
southeast view from One Thousand Museum
getting the lay of the land from developer Gregg Covin
northeast corner
half floor residence on the north side
a picture-perfect day!
the pools create nice separation between residences on the north side
overlooking the pool on the west side of 1000 Museum
southwest corner townhouse – 10th floor
southeast corner townhouse – 10th floor
southwest corner terrace
northeast corner terrace at 1000 Museum
Miami Science Barge Honors International Coastal Cleanup Day with Brickell & Miami River Event
September 17 marks the 30th anniversary of the International Coastal Cleanup Day, where volunteers from all over the world gather to contribute to the beautification of their cities. Last year’s cleanup removed more than 18 million pounds of trash from the waterways worldwide. Here in Miami Dade, they collected 17,500 pounds of marine debris from 31 miles of coastline. The cigarette butts, styrofoam containers, plastic bags, plastic bottles, etc are not only unsightly, they are also harmful to our marine life and the marine ecosystem.
If you are so inclined to participate this year, the Miami Science Barge is hosting an event at the Presbyterian Church in Brickell. Volunteers will gather from 9am-12pm to collect debris from the waterways along the Biscayne Bay shoreline as well as the Miami River. A post-cleanup celebration will take place on the Miami Science Barge, which docks at Museum Park. The event is free for all participants of the cleanup, but you must register in advance.
#LoveWhereYouLive
Shoma Group Brings 11 Luxury Homes to South Beach
South Beach is flush with luxurious condos, but single family homes are more scarce. Shoma Group from Doral has decided to change that by offering an enclave of 11 luxury homes in the heart of the neighborhood.
Shoma Group has a long history of building luxury homes in the Miami area (mainly Coral Gables and Doral), but are now taking their talents to South Beach with this new project called Eleven on Lenox. Partnering with Zyscovich Architects, Charles Allem from CAD International, The Eleven on Lenox project consists of eleven three-story, four bedroom gated homes at 1030 15th Street.
Each home includes 4 parking spaces, a private elevator, and a rooftop terrace with a private pool and summer terrace. The kitchen features Poliform cabinets and Gaggenau appliances. The master bathrooms have roman tubs and the guest bedrooms have a unique loft space. They will range in size from 5,455 square feet to 6,220 square feet and the prices are between $3 million to $4 million.
Venetian Islands Waterfront Lot Fetches $6.5 Million
Just this morning, escrow was closed on a 15,750 square foot lot at 412 West Dilido Drive on the Venetian Islands to an unnamed businessman from Brazil. The sale included plans for an amazing 7 bedroom home with almost 8,500 square feet of living space designed by Max Strang.
According to those involved in the sale, the buyer does intend to build his personal residence on the property. The plans are already approved and permitted from the grandfathered code regulations that allow a larger home, 1,100 square foot rooftop terrace and a private elevator. The same home would not be approved today.
Other aspects of the planned residence include an Ipe wood summer kitchen and Fleetwood telescopic floor to ceiling sliding doors. The buyer will have the opportunity to customize the interior to his taste. Aside from the 3rd floor rooftop terrace, there will be a series of three 2nd floor covered decks, two first floor patios, a cabana and an atrium. The lot offers 90 feet of waterfront with a dock and amazing sunset views.
The property and plans sold for $6.5 million. Dora Puig from our very own Luxe Living Realty represented the seller and David Pobiak from Beachfront Realty brought the buyer. See below for renderings of the project:
Sales Prices in Free Fall at BrickellHouse as Parking Saga Drags On
Back in January, we did a check in at BrickellHouse to see how their parking drama was affecting transactions in the almost-new development. At the time, not much had changed. It appears though that we were at the edge of a cliff.
The Real Deal reported an update of the case on Tuesday, explaining that the debacle is far from finished. Apparently the condo association has sued the developer on behalf of the owners because the system is going to have to be replaced. The only available replacement system is configured differently and cannot hold as many cars as the current, defunct system. That would mean that some owners will have to forego their parking spots and they are not amused.
The developer insists that the entire system does not need to be replaced, only the software. And so the lawsuits go on, bouncing the blame around like a game of Hot Potato.
While the bickering continues, sales prices have been in free fall. In January I reported that sales values from Q4 of 2015 were sitting pretty at $641/foot. That is a healthy increase from the $595/foot that we saw from the developer’s pre-sales. It seems the market had not had time to react to the parking issue, but it certainly responded quickly. In Q1 of 2016, closed sales values fell to $456/foot, then down to $419/foot in Q2 and $402/foot in Q3. Yikes. With 79 active listings today and an absorption rate that could compare to pouring molasses in December, we are in for a ride.
There is no telling how long this will last. Nobody wants to buy into a building with a monstrous problem and banks will not touch the building because of the snowballing litigation. Heck, hard money lenders probably wouldn’t even do a deal there. Cash buyers are not as plentiful as they once were, so it seems the best thing for the owners to do is wait and pray.
On the bright side, the rental market has not been affected. Rental values are holding steady at an average of $3.50/foot. I guess the tenants don’t really care about parking. With our “Uber everywhere” society these days, it looks like what people really don’t want is drama.
