One Thousand Museum has hit so many milestones since its inception in 2014. Just in the first month of sales in 2016, the luxury tower reached $30 million sold which remember 2022 tower sales launches. Now, One Thousand Museum has officially sold, solidifying the legacy of the late Pritzker-winning architect Zaha Hadid.
One Thousand Museum, also known as the Scorpion Tower, is a monument to brilliance and creativity, Through the views and design of Dame Zaha Hadid, it is a powerful physical statement about the soul of Miami.
With views of Biscayne Bay, the Atlantic Ocean, and Miami Skyline; One Thousand Museum is only minutes from South Beach and the Brickell financial district. This contemporary tower rises 60 stories with 83 total units; 4 duplex townhouses, 70 half-floor units, 8 full floor penthouses and 1 double story/full floor penthouse.
Two lower level floors are dedicated to an indoor/outdoor wellness and spa, as well as the rooftop featuring the Aquatics Center and Sky Lounge.
Developed by Louis Birdman, Gregg Covin, Kevin Venger, and Regalia Group, One Thousand Museum is South Florida’s first residential complex with its own rooftop helipad, allowing residents to quickly travel to adjacent islands, private and commercial airports, and private boats.
One Thousand Museum Amenities
A spacious fitness center with state-of-the-art strength and cardio training equipment
Spa with private treatment rooms, steam and sauna rooms, plunge pools, and relaxation lounge
Multimedia theater for private movie screenings, lectures, and presentations
Sun & Swim Terrace with pools, lounge chairs, cabanas, and poolside towel service
Aquatic Center with indoor, infinity-edge pool
Private dining room
Triple-height event space overlooking Biscayne Bay
Private rooftop helipad
Specialized security and valet personnel
Full-service concierge
Bank-quality vault with individual safe deposit box for every residence
One Thousand Museum Residence Features
Custom Italian cabinetry by Poliform
Fine quartz countertops by Silestone
Induction cooktop, oven, steam oven, microwave, dishwasher, and integrated coffee maker by Gaggenau
Refrigerator by Sub-Zero
Faucets and fixtures by Dornbracht, Duravit, and MTI
Interior doors by Lualdi Porte with door handles designed by Zaha Hadid
Custom-designed, Italian-made walk-in closets
Extensive state-of-the-art home automation by Crestron, allowing residents to control a range of in-residence applications including lighting, heating, air conditioning, audio, video, window treatments, and security
Oversized terraces
East-to-west flow-through floor plans
Demand for condominiums in Miami has increased within the past year. Residential home shortages, as well as an increase in relocations, are driving factors for this demand. According to Business Insider; bankers, fund managers, and executives are now moving to Miami from New York at an alarming rate. Luxury home sales tripled in December 2020 compared to the previous year and the future for this market looks even better!
Melo Group Tops Off on Downton 1st Tower
Downtown 1st, a 57-story mixed-use tower located in downtown Miami has officially topped off on construction just one year after its groundbreaking. Developed by the Melo Group, this tower is set to be the tallest that the developers have ever constructed.
According to Martin Melo, “After just a year from breaking ground, we are proud to top off. Downtown 1st is another project that showcases our compromise of enhancing Miami’s urban core and the continued activation of downtown Miami.”
Located at 30 SW 1st Street, Downtown 1st will spread over 743,073 square feet which will include 560 units (500,000 square of residential space), 12,930 square feet of office space, 2,925 square feet of ground floor retail and a 453 spot parking garage.
The units themselves will feature 1 to 3 bedroom layouts with penthouse options located on the top 2 floors of the tower. Units will range from 653 square feet to 1,200 square feet.
Amenities:
2 swimming pools
Landscape deck
Fitness center
Study rooms
Lounging areas
Spa
Completion of the tower is expected to be complete by the 4th quarter of 2022.
Melo has amassed a portfolio of over 6,000 condominium and apartment rental properties in the greater downtown Miami area since 2001. All construction and architecture are handled in-house by the fully integrated real estate development organization.
Closings Begin at YotelPad Miami
YotelPad Miami is one of the newest condo-hotel developments in downtown Miami. Sales began in late 2020 and the entire tower sold out just 15 months after breaking ground. Now, closings are beginning for the 31-story tower.
Developed in a joint venture between Aria Development Group and AQARAT, YotelPad Miami is located at 227 NE Second Street in downtown Miami.
The tower features 231 residential condo units that range from 417 SF studios to 708 SF two-bedrooms. These units are located on floors 15 through 30. There are also 222 hotel units branded by the Yotel Britsh chain that occupy the lower levels of the tower.
Prices for the condo units range from 4300,000 to $499,000 and the developers have confirmed that more than half of the buyers are from China, Mexico, and Columbia.
Stantec is the architect behind Yotelpad. Each unit offers carefully cultivated floorplans with integrated living and dining areas. The fully-finished interiors feature contemporary flooring with floor-to-ceiling glass windows with a European kitchen and baths showcase custom cabinetry with stone finishes as well as Smeg Designer Italian appliances.
The units will also feature high-end appliances including an Electrolux washer and dryer, Grohe and Toto bath fixtures, Smart thermostats, Smart Lock System, and custom furniture packages.
Tower Amenities:
Elevated deck with pool, hot tub, and bar
Full-service restaurant and bar with outdoor paseo
Organic matcha bar
State-of-the-art fitness center
Private meeting rooms with co-working space
Valet parking
TransitScreen displays all your mobility options, in real-time
Private residential lobby with destination dispatch elevators
24-hour security and concierge
Secure storage unit for each residence
Enclosed bicycle storage
Skytop Lounge featuring a game area and chef’s kitchen
Digital package concierge
According to the sales team, “YotelPad Miami brought the market what it demanded, and to be successful in sales we really had to embrace the local community.”
The hotel side of YotelPad is scheduled to open on June 1, 2022.
Okan Tower Reaches $39 Million in Sales in 1 Month-Groundbreaking Planned for June
Sales have not slowed down for many pre-construction towers in Miami and that list also includes Okan Tower Residences. In a recent press release, developers saw just over $39 million in sales for the month of March.
Originally launched in May 2018, Okan Tower was put on hold in early 2020 due to the pandemic. Now the developer, Okan Group, is moving full force ahead. Okan Tower is expected to rise 70 stories tall with 163 condos and 263 condo-hotel units.
The tower will be located at 555 North Miami Avenue in Downtown Miami and will include luxury resort-style amenities, office spaces, entertainment areas, and a 316-key Hilton Hotel.
Prices for units at Okan Tower will begin at $387,000 for the condo-hotel units and $587,000 for the condos and will go up to $2 million. The hotel units will start on the 36th floor with studio to 2 bedroom floor plan options. These floor plans range from 445 to 1,250 square feet.
The condos will then begin on the 51st floor and will feature 1 to 3 bedroom floor plans. These units will have 695to 2,075 square feet of living space.
The tower will also feature a 2-floor penthouse with 1,875 to 2,040 square feet of living space. Okan will also include luxury resort-style amenities.
Amenities
70th-floor rooftop pool
Sky deck with cabanas
12th-floor lap pool
Clubroom and lounges
Health and fitness center
Spa
Children’s room
Theater
Wine cellar
Owner’s lounge
Amenity deck on floors 27-30
Cafe
Bars
Conference and meeting space
Ballroom
Spa with a marble Hamman
The groundbreaking is scheduled for June 2022. This will be the developer’s first real estate project ever.
If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
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.
Aston Martin Residences Miami Exceeds 90% in Sales Breaking Records in January and February 2022
Developers for Aston Martin Residences Miami recently announced that sales continue to climb and there seems to be no stopping the upward direction of unit prices. Sales for this new tower have surpassed 90%, beating its own records for both January and February 2022.
According to Alejandro Aljanati, CMO of G&G Business Developments, the business behind the project in partnership with premium brand Aston Martin, January and February 2022 combined completed over $100 million in sales. There are more under contract leaving less than 40 units available for much anticipated luxury tower.
According to Aljanati with the tower 90% sold, “This is called scarcity and rarity. There’s no inventory. The whole building is increasing prices. So even if you bought an apartment six months ago, you will make a very good profit.”
The tower’s penthouse, which is the only triplex penthouse in an Aston Martin structure, has boosted its asking price from $50 million to $59 million as a result of the increasing demand. The purchase still includes the extremely rare Aston Martin Vulcan.
Units range from studio to 4 bedroom floor plans with square footage beginning at 698. River and Panoramic units start at $750,000 and rise to $8+ million depending on the floor plan and unit location. As for the Sky and Penthouse residences, units begin at $14 million reaching well over $50 million.
Development Information
Developer: G&G Business Developments
General Construction: Coastal Construction
Architect and Design Team: Luis Revuelta of Miami and Bodas-Miani-Anger of Argentina
Residence Features
Private service entrance at basement level for all move-ins and personnel
Bulthaup custom cabinetry in kitchens
White marble floors throughout the entire unit and porcelain in all balconies
Quartz countertops in the kitchen. Piatra Grey (Ceasarstone) or similar
Gagganeau appliances in all residences: (sizes depends on units)
Duravit wall-mounted toilets in all units throughout the building and bidets in select units
All bathrooms feature marble floorings and walls (Thassos or similar
Hansgrohe faucets in secondary bathrooms and exclusive Axor model in master and powder bathrooms
Italian Bertolotto doors with AGB hardware in all units
Wood-paneled front doors to residence with programmable smartphone technologies such as NFC and Bluetooth
Floor soundproofing system installed throughout all units including all bathrooms
Walls dividing units with corridors will be 10″ wide with layers of Quiet Rock improving soundproofing
German Schuco hardware on sliding glass doors
ThyssenKrupp “Destination Dispatch” elevator system from main lobbies getting passengers to their destination in the shortest travel time and enabling access only to their own floor for enhanced security
High-speed elevators going up to 1200 feet per minute
High-speed internet and Wi-Fi hotspots in all common areas
Cast iron pipes and risers avoiding Waterflow noises
Amenities
Full-service building with concierge and hospitality-inspired services
Super Yacht Marina facilities
“The Aston Martin Club” membership
Rooftop infinity pool located on 55th floor
Fitness Spa and Fitness Center with Meditation Room and Treatments Suites
Private Steam, Sauna, and Locker Facilities
Pet-friendly building
Building designed with a helipad on the rooftop
24-hour valet and covered garage self-parking
Valet charging stations for electric cars
Valet Butler
Additional bicycle and private storage spaces
10 destination controlled super hi-speed elevators and separate dedicated service elevators
Digital connection to concierge and all building amenities from every residence
State-of-the-art Business Center and Conference Rooms
Art Gallery and Art Lobby on 53rd floor
Private Residence Movie Theatre, Event Space, Kids Playroom, Teen Center, and Game Rooms
Virtual Golf
Beauty Salon with blow-dry station, pedicure chair, manicure table, and wash stations
Construction for Aston Martin Residences Miami is expected to be completed by the end of 2022. If you or someone you know have any interest in purchasing at Aston Martin Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Miami Real Estate Sales Soar for the 17th Consecutive Month
According to the Multiple Listing Service (MLS), Miami-Dade County real estate achieved its best-ever February sales month as existing condo transactions climbed by double digits for the 17th consecutive month, following the historic January 2022 and 2021 year sales.
Total house sales in Miami-Dade County increased 13.2% in February 2022, from 2,485 to 2,814. Due to low availability, Miami single-family home transactions fell 7.9%, from 1,093 to 1,007 units. Existing condo sales surged jumping up 29.8%, from 1,392 to 1,807, marking the 17th consecutive month of double-digit year-over-year condo gains.
Home sales were much higher in February 2022 compared to February 2020 with total house sales up 51.1% compared to February 2020, from 1,862 to 2,814. Miami single-family house sales are up 13.9% while condo purchases are up 84.8% from January 2020.
Miami luxury condo sales are up 45.4%, with mid-market transactions ranging from $400,000 to $600,000 on the rise. In addition, Miami’s existing condo luxury ($1 million and more) sales increased 45.4% year on year to 237 deals.
Miami single-family houses valued between $400K and $600K climbed 24.7 percent year over year in February 2022, with 389 sales. Miami’s existing condo sales in the $400K-$600K price range surged 101.8 percent year over year to 345 deals in February 2022.
Single-family home inventory fell 29.3 percent year on year in February 2022, from 3,128 active listings the previous year to 2,212 this month. Condominium inventory fell 55.1 percent year on year to 5,272 from 11,735 during the same time in 2021.
Months’ supply of inventory for single-family homes has been decreasing since July 2019, suggesting high demand. Months of inventory for single-family homes fell 39.3 percent to 1.7 months, indicating a seller’s market. Existing condominium inventory fell 74.5 percent to 2.6 months, indicating a seller’s market. A balanced market between buyers and sellers provides six to nine months of supply.
The total number of active listings at the end of February 2022 fell 49.6 percent year on year, from 14,863 to 7,484.
In February 2022, Miami-Dade County single-family median prices grew 19.1 percent year over year, rising from $450,000 to $536,000. The median price of a single-family home in Miami has climbed for 123 straight months (10.25 years), the longest unbroken stretch on record.
Year over year, the median price of existing condos grew by 26.7 percent, from $300,000 to $380,000. The median price of a condo has risen in 125 of the previous 129 months.
Mortgage rates have typically been low, making house purchases more accessible. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.76 percent in February, up from 3.45 percent in January, according to Freddie Mac. The overall commitment rate for 2021 was 2.96 percent.
Miami real estate is attracting several bids, with buyers willing to pay above the asking price. In February 2022, the median percent of the initial list price obtained for single-family houses was 98.7 percent, up 1.5 percent from 97.2 percent the previous year. For existing condominiums, the median percent of the original list price obtained was 97.8 percent, up 3.7 percent from 94.3 percent last year.
Miami cash sales accounted for 75.6 percent of all sales in February 2022, which is much higher than the national average. In February 2022, cash transactions accounted for 43.9 percent of Miami closed sales, up from 35.8 percent in February 2021. According to the most recent NAR figures, cash accounts for around 25% of all house sales in the United States.
Cash sales made up 53% of all existing condo sales in Miami and 27.5 percent of single-family purchases.
Plans Submitted for 48 Story Tower: Brickell Gateway
Israeli-developer, Gazit Horizons, is on track to bring a 48 story tower to Miami’s Brickell. Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.
Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021, was the date that the developers submitted plans for demolition. The tower is proposed to include 500 condo units.
The demolition approval is still pending. According to the plans, the site only permits plans for a building up to 48-stories and they are taking full advantage.
The demolition costs for the property would total $139,698 with an estimated cost for completion at $150 million. BG Group is listed as the demolition contractor for the project. Once approved, the developers are aiming for a completion date in quarter 2 of 2023.
The developers met with the City of Miami on February 15, 2022, for review. The current status of the project is still in redesign.
You may be familiar with the current site of the proposed tower. It is a black building with magnificent artwork portraying soccer-based graffiti. The soccer club, Club Internacional de Fútbol Miami, that houses the building has been renting the space since 2018. David Beckham is the Miami MLS Owner and President of Football Operations.
ROVR Development and Related Plan to Build 48 Story Tower in Downtown Miami- College Station
The Related Group is at it again with another tower proposed in downtown Miami. Along with the Miami Parking Authority, The Related Group, and ROVR Development are proposing to replace a downtown Miami parking garage with a 48-story development.
On Feb. 2, the Miami Off-Street Parking Board, or MPA, will vote on a 99-year lease and development agreement for the College Station Garage at 190 N.E. Third Street which is very close to Miami Dade College.
When the MPA received an unsolicited proposal for the property in July 2021, the process began. It solicited public bids for the property and received bids from College Station Partners LLC, a joint venture with The Related Group and ROVR Development, as well as Terra of Miami. On January 19, an MPA review committee gave College Station Partners’ bid a higher grade for the development.
The College Station project would include 1.88 million square feet of space and include 1,200 residences, 8,214 square feet of retail space, 33,865 square feet of public service space, 30,000 square feet of amenities, and 1,357 parking spots.
The completed facility would contain the same number of public parking spots as the present garage, which will be demolished. The MPA would own these spaces.
The developer stated that 20% of the units would be affordable housing for seniors earning up to 50% of the local median income, while the other 15% would be worker housing for those earning up to 140% of the area median income. Miami’s current median family income is $39,000.
According to the proposal, the public service space might be used for a fire station or an urgent care clinic to support the downtown’s fast-rising population, including a not-for-profit art’s center.
The units would range from 360 to 1,310 square feet in size. There would be 138 studio apartments, 636 one-bedroom apartments, 354 two-bedroom apartments, and 72 three-bedroom apartments.
The lease is expected to be signed in the first quarter of 2023, taking up to 60 months to construct. The application said that the developers would have to establish alternate parking arrangements for tenants of the adjoining Downtown Lofts I and II condos, which would use this garage for parking, during the construction time.
According to the lease’s proposed financial terms, College Station Partners would pay the MPA $500,000 upfront, about $2 million per year during construction to compensate for missed parking revenue and 10% of the project’s net cash flows for rent following completion. According to the developers, this would equate to a $1.27 billion economic gain to the MPA over the life of the 99-year lease, not including the value of the new public parking garage.
