Groundbreaking Officially Scheduled for District 225
Developers for one of the newest pre-construction towers in downtown Miami, District 225, have officially scheduled the groundbreaking for the third quarter of this year.
The Related Group along with ROVR Development and BH Group have been working tirelessly on the sales ever since the launch of the tower in 2021. Since then the development has 100% sold out.
District 225 will rise 37 stories tall and be built without a parking garage and will also be one of the first tower with direct listings on Airbnb.
The buyers for the tower included domestic transplants, remote workers, and domestic transplants as well as 50% of the buyers coming from South America.
According to Jon Paul Pérez, President of Related, “We launched District 225 as an experiment of sorts. And while we knew this unique product would resonate with buyers, the demand has surpassed even our most optimistic projections. Related has long been at the forefront of trends, and we are proud to once again be at the cutting-edge of the market.”
What makes this project unique is its home-sharing capabilities as well as its resort-style amenities. Siegler Suarez Architects partnered with Meshberg Group will be responsible for the design.
District 225 will total 343 unit spanning over 288,400 square feet with studios to 2 bedroom floor plans. Studio pricing will begin around $350,000 up to $700,000 for the 2-bedroom floor plans. There will also be 2,297 square feet of commercial space located on the main floor.
District 225 Amenities
Rooftop pool
Fitness center
Indoor/outdoor basketball court
Racquetball court
Rock-climbing wall
Yoga/spinning studio
Coworking spaces
Lounge with billiard tables
Summer kitchen
Residence Amenities
Views of Biscayne Bay and Miami skyline
Fully finished and furnished studios, one-, and two-bedroom residences
9.8-foot-high ceilings
Smart-home technology experience for seamless personalization with the touch of a button
Interiors designed by award-winning interior design firm Meshberg Design
Fully built-out closets in all residences curated by Meshberg Design
Includes integrated audio, video, window treatment, and lighting systems
Equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
Built-in, top-of-the-line washer and dryer
Flooring selections included with specifications recommended by Meshberg Design
Pre-wired for high-speed communications and data connection
Kitchens featuring custom Italian cabinetry curated by Meshberg Design
Smeg appliance package including an integrated, paneled microwave; dishwasher; built-in convection oven; and refrigerator/freezer
Master baths featuring rainfall showerhead and custom Italian vanities
Dornbracht and Duravit bathroom fixtures, features, and accessories
The building will be professionally managed by Atlantic & Pacific, which will have staff educated in all elements of Airbnb hosting, including listing, marketing, maintenance, and cleaning.
Need an Airbnb in Miami for the Weekend? You Can Now Stay in Bad Bunny’s Semi Truck
Yes, you heard that right. You can now stay in the Puerto Rican reggaeton superstar’s truck. Starting March 29th at 1 pm EST, Bad Bunny will play host to guests who rent his converted 53 ft custom tour truck.
For three individual one-night stays, a fan will be able to book the truck for $91 a night (not including tax or Airbnb fees). The dates are scheduled for April 6th through the 8th and with the price comes a lot of perks!
Guests who end up booking the tour truck will also receive VIP tickets to Baby Bunny’s Miami Tour that is set for April 1st-3rd, access to the truck’s sound system, a photoshoot with the truck, and a tour to all of Bad Bunny’s favorite Miami spots. Although Bad Bunny won’t be there to host, there will be a virtual hello each guest can look forward to.
Bad Bunny, Benito Antonio Martínez Ocasio is his real name, is a Puerto Rican Rapper, record producer, singer, actor, and professional wrestler. His genres include reggaeton and Latin trap, but he is known for his versatility and his ability to incorporate soul, rock, and bachata into his music. Born in Vega Baja, Puerto Rico, Bad Bunny became famous through SoundCloud and ended up signing with a label in early 2016.
He is known for his collaborations with Cardi B, Drake, Dady Yankee, and J Balvin. In 2018, he was awarded a Latin Grammy for Best Urban Music Album. He also performed at the Super Bowl LIV halftime show alongside Shakira and Jennifer Lopez. More recently, he became the first Latin artist on the cover of Rolling Stone magazine.
According to Bad Bunny, “I’m hoping that by hosting guests in my truck I can give them a chance to feel like they’re on tour with me. This truck has played such a big role in the concept of my tour and my last album that I want to share this unique experience with them.”
The truck was designed by West Coast Customs and has made an appearance on stage during a few of his shows. The truck includes a pined bedroom with a neon bunny on the wall, a dining area, and a mini-fridge. And don’t worry about parking because the truck will be located in a private lot with 24-hour security during your stay.
Bad Bunny’s El Ultimo Tour Del Mundo in Miami is sold out but with this Airbnb opportunity, tickets are closer than you think! To reserve his tour truck or to get more information, click here.
IconBrickell’s Hotel Program Was Cancelled – Tips For Investors
News broke last May that IconBrickell’s Viceroy Hotel was being sold to Starwood Hotels. The 148 room hotel began a renovation and was rebranded as W Miami in a $64.5 million deal that included hotel rooms, 15th floor restaurant, and access to the 10 acre amenity deck. What was not included was the hotel program, which allows unit owners in Tower 3 the option to have the hotel to lease their units on a nightly basis to hotel guests. The program was cancelled.
We receive a lot of requests from investors who want to purchase a condo in Miami to rent out for most of the year and then retain the ability to use it during the times when they would like to visit. For this type of investor, hotel programs have always been a popular choice, although they are not as plentiful as one would expect. They are also not as profitable as one would expect.
In the investor’s eyes, they are granting the hotel the right to lease their apartment to hotel guests. The apartment owner does not need to manage those guests or the apartment, they just give notice to the hotel that they would like to use their apartment on certain days and then collect checks. It’s not so easy or profitable.
What isn’t usually mentioned is that the hotel only rents condo/hotel apartments to the hotel guests after the hotel is already at full capacity. The condo/hotel unit owners are only getting the overflow guests, and since the average occupancy rate for 2016 was 75.9%, the vacancy rate could go quite high. From that amount that the guests pay, the owner receives a percentage of their daily rate minus a management charge and reserve account charges. They also lose the right to determine how the unit is furnished, as it must follow the design guidelines of the hotel brand. Even with all of these fees and regulations, the owner is still required to repair damage to the apartment in the event that a hotel guest is rowdy.
Since the introduction of AirBnb, many investors have abandoned condo/hotel investments in favor of the online booking service, even though it is fully illegal in Miami Beach and not allowed in condo buildings from other areas. Most of the buildings in the Greater Downtown area (Brickell up to Midtown) require at least 6 months of minimum lease term, although a few have begun to allow rental terms of as low as one month. Finding a building that allows daily rentals is extremely rare in this area.
Even if Miami is successful in introducing similar ordinances to the aggressive $20,000/infraction fine that Miami Beach is enforcing, there are private companies who manage short term rentals that do follow the rules. These could fall under the category of vacation rentals or corporate rentals. It gives the investor more control of the apartment without having to be hands-on with the guests’ stay.
So, here we have a great investment opportunity! Tower 3 at IconBrickell allows daily rentals, making it a great spot for AirBnb investors (or other corporate rental investors). The investors are able to have more control over their investment and occupancy rates, while still reserving the right to use the apartment at their leisure. I like it.
