Filling Stations Lofts to Open Q1 2014

The opening of Filling Station Lofts is right around the corner  I was told earlier today that the building is expected to open as early as February but a March opening is more likely  Filling Station Lofts located catty corner from Parc Lofts at 1650 North Miami Avenue was originally developed by The Intrepid Real Estate Company and designed by Bermello Ajamil Partners  After the successful sell out of Parc Lofts Intrepid hoped to ride the wave with its follow up launch of Filling Station Lofts  Unit prices ranged from $300000 to $27M  Development began in 2006 but construction was later stalled as a result of the global financial crisis  Intrepid eventually lost the site and partially completed building to foreclosure in January 2012  A little over a year later in February 2013 the site and partially completed building were acquired by an investment company by the name of NR Investments  Since that time with $155M in financing under their belt NR Investments has been busy completing the once stalled project

Under new ownership however plans for Filling Station Lofts have changed  Units will no longer be sold individually  Instead the owners will lease the units and maintain the building as an all rental development  I expect there to be great interest from prospective tenants to rent at Filling Station Lofts due to the uniqueness of the property  Besides Parc Lofts and Wynwood Lofts you will not find another true industrial loft development in Miami  The fact that not one single unit is available for rent at Parc Lofts or Wynwood Lofts should serve as evidence that there is pent up demand for this type of product  As mentioned in a previous blog post there is currently a waiting list to rent at Parc Lofts

Filling Station Lofts will be comprised of 81 industrial lofts each with 18 foot ceilings  No word yet on what rental prices will be but expect them to be released sometime in January