Groundbreaking for Onda Residences Officially Scheduled
The long-awaited Onda Residences has officially set a groundbreaking date for the beginning of November. According to a press release, the groundbreaking will take place on November 3 at 10:30 am located at 1135 103rd Street in Bay Harbor.
‘Onda Residences will rise 8 stories tall along the shore of Bay Harbor Islands. The tower is designed by award-winning architect Bernardo Fort-Brescia that will harness Italian-style finishes.
‘Onda’ itself in Italian means wave, and that’s exactly the effect the tower will have once seen off the shore. Developers include Ugo Colombo of CMC Group and Valerio Morabito of Morabito Properties. The lush landscaping will be designed by Enzo Enea who is responsible for the projects One Ocean and Icon.
This boutique waterfront tower will provide more than 300 feet of bay frontage with a private marina and views of Biscayne Bay and the Atlantic Ocean. The 41 luxury residences feature 2 + den to 4 bedroom options from 1,809 to 3,523 square feet floor plans. There are also 4 penthouses currently available as well.
Construction Information
Developers: Ugo Colombo and Valerio Mortabito
Interior Design: Carlo y Paolo Colombo
Architect: Bernardo Fort-Brescia
Residence Amenities
2 Bedroom + den (1,809 square feet) to 4 bedroom + den (3,523 square feet)
4 penthouse options
Spacious terraces available
Amenities
Private Marina with 15 boat slips ranging from 36 to 60 feet
Direct ocean access through Haulover inlet
Watersports launch dock with available kayaks, paddleboards, and inflatables
Covered valet drop-off
Personal parking spaces in a fully enclosed garage
Electric vehicle charging stations
Bicycle storage
Secured individual residential storage space
Front desk reception
24-hour security video surveillance
24-hour valet
Wi-fi available throughout all public spaces
FTTH (fiber to the home) for voice, video, and high-speed internet
Integrated digital concierge
Pricing
Price ranges from $1.8 million to $9.5 million
HOA is $1.29/sf
Deposit Breakdown:
10% with Reservation
10% at Contract
10% at Ground Breaking
10% at Top Off (summer 2022) /
60% at Closing
Construction is expected to be complete in early 2023. Onda is also at 60% pre-sold and a majority of the buyers are domestic.
U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?
Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.
In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.
With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.
According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.
According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.
Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.
According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.
The Related Group Plans for Demolition of Site for New Tower-Miami Station
In January 2021, the developer, the Related Group revealed plans for a proposed transit-oriented tower called Miami Station. Now, plans are rolling out to begin demolition and preparation for construction.
The pre-construction site located at 525-533 NW 2nd Ave in the Overtown district of Miami recently filed to begin demolishing the current parking garage that sits on the site. The remains of the parking garage is that of the Logik office tower that stopped mid-construction during the recession in 2008. The concrete shell of the garage has never been utilized.
A separate lot is adjacent to MiamiCentral Station and is also the former site of the Krystal Tower that was never completed. A separate lot next door with the once planned tower, Avery MiamiCentral will eventually be added to the Miami Station site plan.
Once construction begins, the proposed tower will rise 41 stories at 459 feet tall. The proposed plans would include 309 apartments, over 200,000 square feet of office space, over 8,000 square feet of retail, and 510 parking spaces.
Units will feature studio to 3 bedroom floor plans a well as a few penthouse units ranging from 460 to 1428 square feet of living space.
The office space will occupy the first 12 floors with 13-foot slab to slab heights. The residential units will occupy the higher floors with 10-foot slab to slab heights.
Development Information
Developer: The Related Group
Demolition Contractor: BG Group
Architect: ODP
Structural engineer: B+J Consulting Engineers
MEP Engineer: Feller Engineering
Landscape Architect: Dixie Landscape
Exterior and Finishes: Facade +Envelope
Amenities
22nd-floor amenity deck
rooftop pool
Landscaped deck
Dog park
Several outdoor terraces
The date for the groundbreaking has not been set.
New Waterfront Condo Development Proposed in Edgewater
The same developers that brought you One Thousand Museum are proposing a new waterfront luxury condo development in the Edgewater neighborhood. Receiving its name from its street address, 710 N.E. 29th Street, 729 Edge will sit on 0.47 acres along Biscayne Bay.
The five parcels that the developers have planned for this project are currently under contract and they also plan to buy out Harbor 29 condominiums for this development as well.
The project itself would expand 342,848 square feet rising 58 stories tall. There would be a proposed 70 luxury units with three to five-bedroom options. The breakdown of the units would be one to two units per floor. Full floor units would expand a total of 6,174 square feet. 729 Edge would also feature 2 penthouses-styled townhomes spanning two floors.
The parking garage would rise 9 stories featuring 160 spaces. The garage is planned to be developed on 483, 485, 501, and 530 N.E. 29th Street totaling 0.41 acres. These lots are also under contract with the developers.
There would also be 13,037 square feet of commercial space between two buildings with a restaurant on the lower level of the condo tower.
Zaha Hadid with ODP Architecture & Design was the mastermind behind the design of One Thousand Museum. For 729 Edge, ODP will be the architecture and will feature some similar elements to Hadid’s designs.
Amenities will be similar to those of One Thousand Museum.
Tower Amenities:
Private dock
Lounge/bar
Business center
Private dining room
Theater room
Storage space for owners
Fitness room
Salon/spa
Indoor pool
Juice bar
Sky lobby on the top floor
Plans for 729 Edge have already been submitted to the city’s Urban Development Review Board but will be reviewed on October 20th. Proposed by 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth were also a part of the development of One Thousand Museum.
Official Groundbreaking Date Set for E11EVEN Hotel & Residences
The long-awaited date for E11EVEN Hotel & Residences groundbreaking is finally set and we can’t be more excited. On November 11, 2021, construction will begin on the 65-story tower located in the Park West District in Miami.
One of the developers, PMG, posted on their social media accounts the big news along with the tower being 98% sold. This is of no surprise as E11EVEN is considered one of the fastest-selling condominium projects in the last decade. In February when sales were first announced, the units were at 80% sold.
PMG also announced in early June that they were also accepting cryptocurrency for the units. We are unsure of the total number of units that were purchased with the digital currency.
Construction plans were officially submitted on Wednesday, October 13, 2021. The plans include the demolition permit for site clearing and those are now under review. There is currently no pending or submitted construction permit.
The demolition contractor is listed as John Moriarty & Associated. The developer includes Property Markets Group (PMG) and E11EVEN Partners. Sieger Suarez Architects is responsible for the tower design. Interiors will be curated by AvroKO Hospitality Group.
The residences are fully finished and fully furnished starting at $300,000 and the floor plans consist of studio to 2 bedrooms. There is also a limited Penthouse Collection and 2 Presidential Suites.
Building Features
E11EVEN® app for concierge services and building amenities
Common areas featuring museum-quality curated fine art and installations
Limited Penthouse Collection and two Presidential Suites
Views of the Miami skyline, Biscayne Bay and the Atlantic Ocean
Club E11EVEN® Bar & Lounge
5-Star gourmet food hall
Casino-Style Sports Lounge
Chopra Spa & Studio mind & body experiences featuring a state-of-the-art fitness center, meditation, yoga, and customized treatment services
20,000 Square-foot, ultra-modern multi-level E11EVEN® Day Club and pool sits above 11 stories, overseeing the stunning Miami skyline
E11EVEN’s® rooftop experience is a unique 24/11 poolside venue featuring its own signature dining experience
E11EVEN® Beach Club
Complimentary 24-hour valet
Residence Features
9’6 – 10’ floor-to-ceiling windows varies by floor with stunning Miami skyline and Biscayne Bay views
Smart home technology experience. Includes integrated audio, video, and lighting systems
Contemporary lighting package
All residences include LED (or water-based) fireplace in every living room
Fully built-out closets in the master bedrooms
Washer and dryer
French balconies in select residences
Pre-wired for high-speed communications, multiple telephone lines, and cable
All residences include a signature Home Essentials Package: silverware, glassware, linens, sheets, towels
11 Resident Membership Package featuring an exclusive beach club, day pool, and ultra club access
Kitchens with custom countertops and backsplashes
Imported and custom kitchen and bathroom cabinetry by Italkraft
Subzero and Wolf appliance package includes microwave, dishwasher, convection oven, and refrigerator
Waterworks bathroom fixtures, features & accessories
Frameless glass-enclosed showers
If you or someone you know have an interest in purchasing one of the units at E11EVEN Hotel & Residences, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Aria Reserve has Sold 40% Since Launching Sales in June on the South Tower
The Melo Group has reached another milestone in their pre-construction project for Aria Reserve in Edgewater. Including their construction permit application that is currently in review, the waterfront twin-tower project has also sold 40% of its units well before the groundbreaking.
The permit application for this project will allow for the Melo Group to begin foundation work. The foundation plans were submitted in early September. The plans will also include piling work that was valued at $132,750.
Sales begin in late June for the 62-story Aria Reserve South Tower. Aria Reserve North Tower is anticipated to launch sales closer to construction. According to the Melo Group, over $40 million of all 12 penthouses have sold within 90 days.
Construction deposits include a 30% deposit for all U.S. buyers and a 40% deposit for all international buyers. According to the developer, more U.S. has purchased penthouses.
Aria Reserve will rise 62 stories tall reaching 627 feet, making it the tallest dual waterfront residential development in the United States. The project will feature two towers, each with 390 units and 1,608 parking spaces.
Residential units will begin at $750,000. Although sold out, the penthouses started at $12 million. Units will feature 1 to 4 bedroom floorplans with 1,100 to 2,600 square feet of options. The penthouses themselves range from 3,500 to 9,000 square feet with each of them featuring a 3-car garage.
Tower Amenities:
2-acre recreation deck
Lap pool and spa
Gaming center
Playground
Tennis courts
Basketball courts
Paddle courts
Miniature golf course
Wellness center
Gym
Meditation Garden
Residence Features
Unobstructed views of Biscayne Bay and Ocean
Finished residences with two flooring options
All residences include 2 high-speed elevators
All residences include an office/media room
All residences are sunrise-sunset flow-through from East to West
3-month seasonal rentals allowed up to 4 times per year
Once permits have been approved for the Aria Reserve South Tower, construction should begin in the spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Aria Reserve, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
57 Ocean Construction Complete and Condo Units are 100% Sold Out at $336 Million
Recently, we have seen a number of residential towers sell out prior to construction or during construction. Towers like Residences of Armani Casa and Aston Martin Residences have either sold out or are very close to selling out, so it is of no surprise to learn about 57 Ocean selling out, right as construction is complete.
The developer and Brazilian billionaire, Jose Isaac Peres’ recently sold out at 57 Ocean as well secured its temporary certificate of occupancy (TCO) for the tower. According to a managing partner, Marcelo Kingston, the sell-out includes a recent sale of a luxury penthouse for $36 million, originally listed at $38 million.
Sales previously launched in 2018 with price ranges from $1.5 million to $36 million. According to Kingston, closings will begin in October 2021. The tower sold out at $330 million.
According to the developer, about 60-70% of the buyers were domestic, and with the steady stream of sales, they were able to raise prices.
One of the lower penthouses that sold includes a $13.8 million unit purchased by Chuck Roberts, Stifel’s Managing Director of Investments.
57 Ocean located at 5775 Collins Avenue rises 18 stories and features 69 luxury condo units. Designed by Bernado For-Brescia of Arquitectonica and interiors by Patricia Anastassiadis.
57 Ocean Amenities
World-class spa
A state-of-the-art fitness center with a fully-stocked snack and juice bar
Thermal suite with steam room, aromatherapy saunas, experience showers, and ice fountain
Indoor and outdoor massage treatment suites
Library
Two expansive, infinity pools
Poolside cabanas
Poolside bar and lounge
Sunset terrace with a spa pool, wet deck, and lounge area
Meditation area
Yoga and Pilates area
Outdoor training area equipped with Myisle by Myequilibria
Clubroom with chef’s kitchen
Summer kitchen pavilion
Children’s playroom
Direct access to the beach and beach boardwalk
Services
Full-service concierge
24-hour valet parking service
24-hour security
Pool and beach attendants with food and beverage service
On-call fitness trainers, spa treatment specialists, and private chefs
Residence Features
Terraces, up to 12 feet deep
Wood-like ceiling accents
Glass balustrades
Modern Poliform cabinetry
State-of-the-art appliances
Solid marble waterfall island
Master bedrooms open to the terraces
His and her closets
Bathrooms lined in floor-to-ceiling stone
Floating tubs
Sliding glass doors and vanities by Poliform
Soft hidden lighting
According to Kingston, the project was completed on time. The developer is currently working on another boutique condo in Miami Beach called Ocean Park, which is anticipated to be complete in the summer of 2022
Developer for Ocean Terrace Project Seeks Expansion Approval
Photo Credit: Ocean Terrace Holdings
Plans that were originally approved in 2019 for the historic Ocean Terrace district are being revisited in hopes to expand the project located at 7409-49 Collins Avenue and 7400-50 Ocean Terrace.
The original approved plans included 78 hotel rooms that will be renovated through the historic Broadmoor and Ocean Surg hotels, 58 residential units, and 18,060 square feet of retail space.
The new plans, submitted by developer Ocean Terrace Holdings, would include 75 residential condo units that would range from 1,198 to 2,555 square feet options. In the revised plans, it includes 2 top-floor penthouses that range from 4,028 to 4,332 square feet of living space, each with a rooftop pool.
Photo Credit: Ocean Terrace Holdings
Hotel rooms would also increase to 127 with 55 of the units residing in the historic building. The rest of the units will reside in the new 11-story building that will feature a rooftop pool.
Photo Credit: Ocean Terrace Holdings
The retail space will include 3 pools and 17,474 square feet of space. The new construction will total 525,692 square feet including the parking garage. The original proposal was approved at 359,590.
Architect includes Revuelta Architecture Internation and RJ Heisenbottle Architects is in charge of the historic preservation design.
The Historic Preservation Board will be meeting on September 13 to consider these revised plans. These plans will also include an oceanfront public space. Once the plans are approved, the developer would like to begin construction immediately. The public space and condo tower construction would start in 2022.
Photo Credit: Ocean Terrace Holdings
The Next Steps: After the Champlain South Tower Collapse
In the wake of the condo collapse at Champlain Towers South, we are starting to see a shift in homeowner association infrastructure reporting as well as maintenance. Towns and local governments ordered immediate inspections and updated reports on older towers.
Miami/Dade County ordered inspections on towers older than 40 years of age. Miami Beach ordered an additional and immediate building inspection on all of their towers since the collapse.
Aventura, Florida is one of the only cities in Florida to pass an ordinance requiring condo associations to provide the officials with engineering and architectural reports within 24 hours, when requested. These reports will include concerns electrical, structural, or life safety concerns and on an annual basis.
According to the city press release, associations that do not comply with the new guidelines will be fined up to $500 a day and up to 60 days in prison.
This new ordinance was passed on Thursday and was sponsored by the Mayor of Aventura, Enid Weisman. The ordinance will become law once it receives a second approval.
Mayor Weisman stated, “There is nothing more important than ensuring the safety of the residents of Aventura. Requiring that reports indicating potential dangers to our residents are provided to the city will create transparency and help us to ensure the structural and electrical integrity of our residents’ homes.”
A second meeting is scheduled on August 10, 2021, to officially vote on the new ordinance.
We are encouraged by the actions of Aventura Florida and we hope to see the same ordinances and guidelines for all of Florida.
