Related Group Announces Casa Bella Tower with Sales Beginning Soon
The Related Group is on the verge of launching sales for their newest tower in downtown Miami; Casa Bella. This residential tower will be built at 1400 Biscayne Blvd in the Miami Arts and Entertainment District and is on the same site where Auberge Residences was originally planned.
According to the renderings, it appears Related is continuing with the same design and specifications that were planned for Auberge. Those designs include full glass exteriors in a wave-like pattern, as well as the unit floor plans. According to The Real Deal, the Related Group is likely reusing them since they have already been approved and to fast-track construction.
Casa Bella will feature 3 towers and 2 will rise 60 stories while 1 will rise 50. The first tower will feature 300 luxury units although 1,430 residential units have been approved for the site. The towers will have 1,629 parking spaces and will be connected by a podium.
The newest tower will feature 1 to 5 bedroom floor plans with only 6 units per floor. Interiors will be designed by Pierro Lissoni with landscape architecture by Enzo Ena. The double-height lobby will also be designed by Lissoni and will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout.
The location of this tower places residences near the Adrienne Arsht Center for the Performing Arts and the Miami Internation University of Art and Design. The Omni Station Bus Loop is also 1 block away.
With the reopening of borders and the lifting of the pandemic restrictions as of November 8, 2021, we will likely see an increase in international buyers, especially for the new construction towers. Currently, international buyers are representing around 50% of new construction developments when earlier in the year, they were only representing 20%.
Construction for the development is estimated for spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Casa Bella, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
Filling Station Lofts Offers 2 Months Free On A 2 Year Lease
The Arts & Entertainment District’s Filling Station Lofts is pulling out the big guns in order to lure long-term tenants. As their Summer Special, they are offering two months’ of free rent to those who sign a two year lease in the building.
To be clear, this does not mean that new residents will simply pay their security deposit and receive keys with no additional money due for 60 days. When buildings offer free rent, the cost of the month’s rent is broken down by however many months are in the lease contract. That broken-down amount is offered as a discount on each monthly rental payment.
So, let’s say you sign a two year lease for $3,500/month. Your discount is $7,000, divided by 24 months. That works out to $292/month, so your monthly rental payment is $3,208.
The Filling Station is a very unique building, offering true industrial New York-style loft units. They can be used as live/work spaces or purely residential. The lofts have 18 foot ceilings and views of the Downtown Miami skyline, or views of Midtown/Wynwood. Pets welcome up to 60 pounds.
Available inventory and prices change frequently, so let us know if you are interested.
Filling Station Lofts Cancels Sales
After only 6 months of marketing, Filling Station Lofts has cancelled the sales of their loft units and will instead operate as a rental building.
With its true industrial-style lofts, Filling Station is a unique building to the area. There is only one true alternative for those who are interested in owning an industrial loft in the Art & Entertainment District, the Filling Station’s sister building, Parc Lofts. Other loft buildings offer what I call Miami-style lofts. Those have the open living area and duplex-style bedroom area, but are more finished. They do not have exposed ducts, or concrete walls and floors. Instead, they typically have white porcelain tile floors and contemporary finishes.
Parc Loft was built in 2005 and opened as a success, which spurred the beginning of Filling Station. Unfortunately, the market changed in the midst of Filling Station’s construction and the original developer went bankrupt, leaving the building in a shell from 2008-2014 when it was completed by a different developer and opened as a successful rental building with a waiting list for availability. This summer, the developer decided to try his hand at the sales market again, offering the units first to existing tenants of the building and then to the open market. They applied for Fannie Mae approval but it seems were just too late to the party. As for now, the building is more successful as a rental than as a condo.
For those who would like to live at Filling Station, have no fear. The building does have select inventory available now. Contact us in order to set up a tour and get the most updated pricing.
Sales Launch for Auberge Residences’ First Tower
Auberge Residences viewed from the Arsht Center
After lots and lots of planning, the Related Group is having the grand opening of the new Auberge Residences Miami sales center in typical Miami style with a launch party this week. The developer appears to have adjusted to softening market conditions by erasing the planned second and third towers from renderings and putting them off while they focus on the first. However, by the look of everything else related to the project, this is still very much Miami, where decadence and financial profligacy still reign.
The 60-story tower will have 290 units (far fewer, of course than in the three-tower configuration), 90 suites managed by Auberge Resorts, lots of art, outdoor pools on the 12th floor and 60th floor, and a spa with what in a rendering appears to be an indoor pool. The 12th floor will have other amenities galore, including a wine room, cigar lounge, club room, media room, restaurant, etc. Downstairs, restaurants and retail will activate the street. The structure is being designed by Arquitectonica, with exterior spaces by landscape architect Enzo Enea. Piero Lissoni is doing the interiors.
Prices are in the $500,000s for one bedrooms with dens, under $1 million for 2 bedrooms, and in the low $1 millions for three bedrooms. Penthouses, some of which are duplexes, range from $1.7 to $4.1 million.
Week in Review: Brickell Backyard Section of The Underline Receives Large Donation, Auberge Reserves 50 Units in 5 Days and Other News
Brickell Backyard Section of The Underline Park
This week brought great news for supporters of The Underline, a new park that is being developed beneath the Metrorail lines from the Miami River down to Dadeland. Each station is individually funded and the Brickell Backyard section received a $75,000 donation this week from local developers.
The Underline will begin construction in the Brickell phase and continue down 10 miles of the rail tracks. They have also secured $5 million in grants and funding from developer impact fees, Miami Dade County and Florida Department of Transportation. Friends of the Underline CEO & founder, Meg Daly hopes to begin construction by the end of 2016.
Residents of Brickell have been increasingly vocal over recent years regarding their desire for more park space but have lost out due to the laws of economics. The Underline is a solution that meets the needs of everyone involved, as the area underneath the rail tracks is not able to be sold and developed, but is available for public use. Think: the opposite of New York’s High Line… Underline will be a welcome addition indeed. [The Real Deal]
Speaking of the laws of economics, The Next Miami is reporting that the location of Brickell’s Burger King could face the wrecking ball in favor of a 960 foot tower. It appears that plans have been submitted to the FAA requesting permission to build up to 960 feet above sea level on the site.
Before you cancel your reservations on your north-facing apartments at Brickell Heights and hoard a box of Whoppers, let’s take a look at all of the evidence. Yes, a tower could be built on the land and this will likely happen one day. No, the Burger King strip center is not the highest and best use of the lot (particularly after Brickell’s recent growth spurt). We do believe that a tower will be built on the corner, but the likelihood of it happening anytime soon is very low.
The parcel of land at 10 SW 8th Street includes the Burger King on the east side all the way over to La Sandwicherie on the west side. The shopping center was last sold back in 2006 and no developer has been named for this proposed tower. Since shopkeepers in the strip center have been open about the fact that the building is being prepared for a sale, we sense that the proposal is simply a plan to increase the value of the lot in preparation for going to market. Whether or not the sale would happen quickly is another conversation altogether. For the foreseeable future, we will continue to enjoy our late-night La Sandwicherie subs in peace. [The Next Miami]
A little further north, Auberge Residences and Spa certainly had a large week. They released their first inventory on February 10 and successfully reserved 50 apartments in their first 5 days on the market! Given the feedback we have received, we hope that the lucky buyers who were able to secure a reservation hold onto their position when contracts are issued. Many people were disappointed to learn that certain floor plans have already been spoken for. Contracts are expected in late March. [The Next Miami]
While buyers were scurrying for opportunities in the Arts District, buyers of Miami Worldcenter have been scavenging for information regarding the revamped plans of their shopping center. This week finally brought additional details with renderings of the new open-air shopping concept that will replace the enclosed mall that was originally planned.
Some have praised Miami Worldcenter for their revised plans and some have begun to question the development. Have a look at the new renderings and let us know what you think… [Curbed Miami]
Just to the west of the Adrienne Arscht Center is Canvas, a 513 unit condo development that is being built as “affordable luxury” to attract the local buyers who are hungry to participate in Miami’s new condo boom. The site work has begun and over half of the residences are currently under contract.
In order to attract more of the 30-45 year old local buyers, they have also received their Fannie Mae Approval, making mortgages easier to obtain once the development is complete. What this means to buyers is that Fannie Mae is willing to purchase or securitize the mortgages people take out on individual apartments in the development. When a project is Fannie Mae Approved, banks are more willing to issue mortgages to buyers at lower rates and with lower down payments. This is excellent news for local buyers, who are typically priced out of the new condo market due to competition with foreign cash investors.
Because the approval process is so scrutinizing, the approval should be seen as a gold star for any development that obtains one. Of all the condo developments in the Greater Downtown Area (the general area between Brickell and the Design District, east of I95 and west of the Biscayne Bay), Canvas is one of only 6 developments with the approval. Fannie Mae has reviewed the specifications of the project and is pleased with the budget, insurance and legal documents associated with the building. Developments who have the approval are seen as “safer” investments as the buildings are well-run.
Locals have been especially excited about this development because of the quality of finishes/amenities offered, the anticipated restaurant by Kevin Aoki (son of Benihana founder Rocky Aoki and brother of recording artist Steve Aoki) as well as the addition of a new recording studio to the area.
Canvas is still offering new condos with price ranges from the mid $300’s-$600’s and floor plans from one bedrooms up to three bedrooms. The tower will be 37 stories and is expected to be completed in 2017. Groundbreaking is scheduled for next month.
See below for additional renderings just released from the developer:
Building Entry
Lobby
Lobby
Yoga Area
Pool Area at Dusk
Social Area/Bar
Rooftop Dining
Amenity Area
Fitness Center
Kids’ Playroom
Kitchen
Living Room
Bedroom with view
Master Bath
Site Work Underway; VĪb Miami to Break Ground This Month
It appears that phase one of Richard Meruelo’s mixed-use development, to be located at the intersection of NE 2nd Ave and NE 17th Street in Miami’s Arts + Entertainment District, is moving forward as planned. While out showing properties this past Friday at 1800 Club, I spotted from a distance trucks clearing off the land to his 7.3 acre site.
As reported earlier this year, phase one of Meruelo’s project is to include a 10-story, 200-room hotel called Vīb – a new boutique hotel brand by Best Western. Groundbreaking for the hotel is expected to take place this month with completion slated for November or December of next year.
Meruelo’s site is zoned for up to 3 million square feet. Future phases are expected to include residential units, restaurants, retail, and nightlife – all of which will be welcomed additions to the neighborhood.
Just Listed – Stunning 2 Bed/2 Bath Condo at Paramount Bay w/ Storage Room Included
I’m pleased to announce our newest listing – a stunning 2 bed/2 bath condo at Paramount Bay with 1,128 interior square feet, an 8-foot deep terrace totaling 242 square feet, white porcelain tiled flooring throughout, private elevator, 10-foot high ceilings with floor-to-ceiling glass windows, large walk-in closet with built-in cabinets, stone kitchen countertops, and stainless steel appliances by Wolf and Sub-Zero. Most importantly, this residence features sweeping, breathtaking views of Biscayne Bay from the kitchen, master bedroom, and master bathroom, including from within the glass-enclosed shower. Price includes a 150 square foot storage room located directly across the hallway from this unit.
The property is currently tenant-occupied but the tenant is scheduled to vacate by December 15th. Priced to sell quickly. Asking $789,000. Last November, unit 1008 (exact same floor plan but located 9 floors lower on the 10th floor) sold fully furnished for $790,000. In my opinion, those 9 floors make a world of difference and more than make up for the fact that this property is being offered unfurnished.
Paramount Bay condos is located at 2020 North Bayshore Drive in Edgewater – Miami’s hottest, emerging neighborhood. Amenities include: east and west swimming pools; hot tub; BBQ; 24-hour concierge; 24-hour valet parking; 6,000 square foot spa and fitness center with sauna, steam and private treatments rooms; business lounge; and separate teen and children’s playrooms. Paramount Bay is a pet-friendly condo development.
If you or someone you know would like to receive additional information and/or to request a showing, please call or text me at 786-247-6332. I can also be reached via email at lucas@miamicondoinvestments.com.
Showroom-quality Industrial Loft at Parc Lofts – Asking $539,900
It is with great pleasure that I introduce my newest listing – unit 503 at Parc Lofts – a fully furnished, showroom-quality 1 bedroom, 1.5 bath bi-level loft with soaring, 20-foot ceilings and 1,109 interior square feet. No expense spared. Over $150,000 spent in upgrades, furniture, lighting, and renovations. Incredible attention to detail. Master and half baths both completely renovated. Master bath features a steam shower with rainfall shower head and side body jets. The entire residence has been elegantly designed and furnished. A true work of art!
Additional features include: a Samsung 4-door refrigerator, Fisher & Paykel DishDrawer dishwasher, Bosch front-loading washer, Bosch front-loading dryer/steam dryer, tankless water heater, and more. A hydraulic lift to park a second vehicle also comes included.
Asking $539,900 – a fabulous opportunity for the uncompromising buyer in search of the finest of industrial lofts in Miami. Unit 603, the exact same floor plan but without ANY upgrades, sold unfurnished last year for $420,000.
Parc Lofts – just minutes from Downtown Miami, Edgewater, Wynwood, and Midtown Miami – is located at 1749 NE Miami Ct in the neighborhood known as the Arts + Entertainment District and catty-corner from the preconstruction condo development called Canvas, which has been selling at an average of $475 per square foot.
For questions and/or requests to view the property, please contact me via email at lucas@miamicondoinvestments.com or by phone at 786-247-6332.
Coming to Market – 1800 Club Unit 4003 – Asking $599,000
I am happy to present a beautiful, new listing – a turnkey furnished, 2 bedroom/2 bath condo at 1800 Club offering breathtaking views of the Atlantic Ocean, Biscayne Bay, Miami Beach skyline, cruise ships, and sunrise from the 40th floor. The unit has 1,142 interior square feet; stainless steel appliances; wood flooring throughout the living room, kitchen, and both bedrooms; marble flooring throughout both bathrooms; and a Jacuzzi tub in the master bath. The video located at the bottom of this post, which was shot just a few days ago, provides the viewer with a thorough tour of the condo.
This condo, unit 4003, would make for an excellent investment property. It was last rented for $3,200 per month and would have no problem fetching at least $3,300 per month if it were rented today. The condominium association dues are $550 per month. These dues include services and expenses such as basic cable TV, high-speed Internet, water, sewer, trash removal, use and maintenance of the amenities and common areas, insurance on the exterior of the building, and on-site building management. Amenities at 1800 Club include: fitness center with direct water views, sauna, steam room, hot tub, club room, valet parking, and 24-hour concierge. 1800 Club is conveniently located directly across the street from Margaret Pace Park – a dog-friendly, waterfront park which includes a basketball court, fitness area, children’s playground, volleyball courts, and tennis courts.
1800 Club unit 4003 will hit the market in the coming weeks with an asking price of $599,000. If you have any questions and/or if you would like schedule an appointment to view the property in person, please do not hesitate to contact me. I may be reached via email at lucas@miamicondoinvestments.com or on my cell phone at 786-247-6332.
