Downtown Miami Introduces Gale Miami Hotel and Residences
A 51-story tower located directly in the heart of Downtown Miami, is the first ‘CondoHospitality’ tower in Miami with open-concept designs and killer views of the Miami skyline and Biscayne Bay as well as world-class amenities.
This new construction tower will house Gale Miami Hotel & Residences; Miami’s first wellness building, licensed for short-term rentals. Gale will occupy 7 floors (17 through 23) which will include 140 luxury condo hotel units, where owners have the option of utilizing the onsite rental program.
These units will be fully finished and furnished with square footage ranging from 389 SF – 900 SF with pricing starting at $300,000.
Residence Features:
Urban luxury residences with modern open layouts from
Studio, one, & two-bedroom units
All residences are delivered fully finished and furnished with fixtures and furniture curated by Urban Robot
Panoramic Biscayne Bay, and Miami skyline views
Private balconies with most units
Ceiling heights 9 feet
Owner’s closet in every residence
Floor-to-ceiling windows and impact-resistant glass throughout
Advanced technology Smart Building wiring for HD TV, multiple telephones
Data lines and ultra-high-speed internet access
Washer/Dryer in the units
Kitchen:
Imported European cabinets with premium hardware
European style appliance package including refrigerator, cook-top, microwave, and sink
Elegant stone countertops and backsplashes
Contemporary under-mounted sink
Gourmet faucet with integral sprayer
Master Bathroom:
Imported European cabinets with premium hardware and drawer pull
Elegant imported stone countertops and backsplashes
Rectangular trough porcelain sinks with dual faucets
Custom-finished floors and walls in wet areas
Frameless glass shower enclosures
Premium European-style fixtures and accessories
Gale residents will have access to all of the amenities that 601 Miami has to offer including the social club, meeting spaces, coffee and juice bar, and media lounge.
Work Amenities:
Co-working spaces
Private offices
Flexible office arrangements
Video-capable conference rooms
Quiet rooms
Phone booths
Cutting-edge technology and connectivity
Office host
Coffee and juice bar
Amphitheater
Meeting/presentation rooms
Social Amenities:
Specialty restaurant and bar
Dining terrace
Social area with full-service cafe and cocktail bar
Drink and dine lounge areas
Media lounge
Live show and events lounge
The porch
Speakeasy
DJ and live performances
Programmed events
The ‘Splash on 9th’ boasts 16,000 square feet of poolside bliss featuring a resort-style pool and cabanas.
Splash Amenities:
Sun deck
Poolside beverage and food service
Native tropical landscaping
Cabana bar
Pool towel services
‘The Fit on 10th’ features 16,000 square feet of health and fitness options.
Fit Amenities:
Juice bar
Yoga and pilates studio
Boxing ring with punching bags
Peloton equipment
Weight station
Cross-training/Crossfit
Spa/treatment rooms
Sauna/steam rooms
Locker rooms
Outdoor terrace/training
The Fit Boutique
Residents will also be able to enjoy 601 Miami’s 24-hour concierge, valet parking, and security.
Gale Miami Hotel and Residences will be the third property in the Gale Brand. The first hotel debuted in 2012 in Miami Beach, and the second one was Gale Hotel and Residences in Fort Lauderdale Beach.
The construction for Gale Miami Hotel and Residences has already started and the grand opening is anticipated to be in the fall of 2023.
Barstool Sports Founder Dave Portnoy Buys Miami Mansion for $14 Million
If you’re not familiar with Barstool Sports, then you have definitely seen their videos circulating the internet. What started off as a sport’s blog in 2003, Barstool Sports quickly turned into a multi-million dollar digital media company with focuses on videos, podcasts, and blogs.
Founder of Barstool, Dave Portnoy, has recently been using his massive social media platform to travel the United States and taste test pizza on his vlog called ‘One Bite’. These posts are featured on Barstool Sports as well as his blogs. Within the past month, Portnoy has been exclusively in South Florida documenting pizza joints.
It was rumored that during his visits he started renting Floyd Mayweather Jr.’s Miami beach front property for $200,000 a month. Now, it has officially been confirmed that he purchased a bay-front Miami mansion for $14 million.
The property located at 5811 North Bayshore Drive in the Morningside neighborhood was purchased in April under the name StellaBean Holdings, LLC., named after Portnoy’s dog Stella, who passed in 2019.
Featuring 6,100 square feet of living space with nine bedrooms, eight and a half bathrooms sited on 1 acre, including a pool.
Broker-Owner of Luxe Living Realty, Dora Puig, listed the property in November 2020. Property records show that the home previously sold in 2010 for $2.2 million.
City of Miami Approves New 37-Story Tower Called The District
The City of Miami has recently approved The Related Group and Parcel C LLC’s proposal for a 37-story residential tower in downtown Miami, named ‘The District.’ This project will included 343 residential condos, 2,297 square feet of retail space, and will have no parking (the developer is requesting a waiver to allow off-site parking). The design and plans were prepared by Siegar Suarez Architects.
The District is proposed to be 393 plus feet tall and will be located at 225 and 223 N. Miami Avenue. According to Miami Today, The District will have retail on the ground floor and the apartments will be located above the retail space. The paperwork that was filed also includes that some units may be transitioned into hotel rooms as well.
Amenities for The District include a gym, raquetball, basketball, lounges, pool-deck, rooftop spa, and barbeque area.
Several waivers have were requested and approved for the Miami 21 zoning code:
Primary and secondary setbacks
Side and rear setbacks above the eighth story
Permit off-site parking within 1,000 feet
10% increase in the maximum lot coverage
Two residential loading berths substituted for one commercial loading berth
Reduction of the required ground level setback on the property’s frontage
According to the Board member Robert Behar, who shared concerns about pedestrian safety with the limited amount of parking available.
According to the The Related Group’s Attorney, Ms. Escarra, has stated, “The Project limits the interaction between vehicles and pedestrians by removing vehicular access to the Property. This will allow pedestrians to enter the Project with no vehicular conflict, as parking will be provided offsite, per the requested Waiver.”
The city’s Urban Development Review Board voted unanimously to recommend approval of the project on April 9, 2021. The construction permit has not been filed yet and the groundbreaking is set to begin sometime this year.
One Thousand Museum Secures Loan 3 Weeks after Foreclosure Announcement
The future is looking bright for the developers of One Thousand Museum Residences. Just three weeks ago, the Reuban Brothers filed a foreclosure lawsuit against the developers for $82.7 million with interest. As of March 3, 2021, which is the date of the filing, 15 developer units were still available in the tower.
Within three weeks of the foreclosure announcement; Louis Birdman, Gilberto Bomeny, Kevin Venger and partners Gregg Covin and Todd Glaser, have secured and closed on a $90 million condo inventory loan from Cirrus Real Estate Partners. This new loan closed on Monday and will pay off the loan balance that was originally provided by Fortress Investment Group in 2016. It will also give the developers time to sell the additional units.
The mortgage broker for this transaction was Jim Fried, President of Sandstone Realty Advisers. A former Fortress executive, who is now the Managing partner at Cirrus Real Estate Partners, Tony Tufariello, expects the developers to sell the units with the next couple of years. Tufariello stated that they were “attracted to the buildings larger floor plans and amenities, and encouraged by the recent uptick in sales.”
The developers stated that they were planning to pay off the original construction loan but it was “pushed due to travel restrictions that hindered lenders from walking the final project.”
This luxury tower features a private rooftop helipad, valet services, and well spa. One-Thousand Museum is also home to David and Victoria Beckham.
Building Amenities:
Double height aquatic center with indoor pool
The Sky Lounge provides a dramatic venue for private events for residents
Private rooftop helipad. The helipad will make nearby islands, private and commercial airports, and private yachts easily accessible
Multiple recreation areas for swimming, sunning, socializing, and fitness
24/7 specialized security and valet personnel, other on-site staff including concierge, professional management, and other specialized personnel
Custom scenting by 12.29 in all interior amenity spaces including the lobby, wellness & spa level, aquatic center, and sky lounge (can be available in residences upon request)
Bank-quality vault with individual safe deposit box for every residence, offering residents the convenience and security of storing their valuables onsite
Residence Features:
Private residences are accessed from the lobby via secure, high-speed elevators that feature destination-entry smart technology
East-to-west flow-through floor plans that capture the mesmerizing panorama of Biscayne Bay and Atlantic Ocean views as well as the Miami skyline
Oversized terraces
Custom Italian kitchens with quartz countertops
Induction cook tops, in wall ovens, steam ovens, microwaves, dishwashers and integrated coffee makers by Gaggenau
Refrigerators by Sub-Zero
Faucets by Dornbracht and other quality manufactures
Custom-designed Italian made walk-in closets
Interior doors throughout the residences are by Lualdi Porte. All doors have been customized with Valli & Valli’s Duemila Cinque series handles designed by Zaha Hadid
European Interior Illumination products by Apure Architectural Lighting and other premium manufacturers customized by German designer, Uli Petzold.
State-of-the-art home automation infrastructure by Crestron
These unique and luxurious units range from $4.95 million to $20 million and with the popularity of the luxury condo market, the inventory has become limited. If you or someone you know have an interest in purchasing one of the One Thousand Museum Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Vizcayne Condominium Associations Awarded Settlement for Construction Defects
It appears that there is a light at the end of the tunnel for Vizcayne condominiums. According to Law.com, this past May, Vizcayne North Tower Association and Vizcayne Master Association were awarded $3,069,251 and $646,699, respectively. In November 2016, the aggrieved parties, citing a laundry list of construction defects, had filed a 184-page complaint against various construction companies. Over a year and a half after the initial filing date, and shortly before going to trial, the settlements were reached.
With the worst now behind Vizcayne, it will be interesting to see how quickly real estate prices improve for condos in the two towers. The litigation had been a big black cloud over the development, making it near-impossible to secure financing for condos there. With the cloud now lifted, lenders will likely be more open to providing financing for qualified buyers.
The Landmark Macy’s in Downtown Miami Will Be Closing its Doors for Good
Credit: Phillip Pessar / Flickr
It’s the end of an era. The Macy’s in Downtown Miami, originally the Burdines flagship store which opened in 1912, will be closing for good. With development along Flagler Street moving ahead, and almost 90,000 people in downtown – most between the ages of 25 and 44 – the landmark Macy’s store just doesn’t fit with the times.
The Miami DDA is working to redevelop Downtown Miami into a more pedestrian-friendly area, filled with more cafes and wider sidewalks. The influx of millennials into the downtown scene, has progressively changed the downtown culture into one that’s becoming more hip and lively. With the Miami DDA looking to the dynamics of the neighborhood, and most shoppers preferring to shop online, it was only a matter of time before the original Burdines would close its doors for good. Macy’s Inc. announced last Thursday that its Downtown Miami location will close in early 2018.
Rosetta Bakery From Miami Beach Plans Two Brickell Locations, One Downtown
Miami Beach’s Rosetta Bakery is gearing up for a HUGE 2018 with seven new locations opening up around the Miami area, according to the Miami New Times. Three of those locations are slated for the Greater Downtown Miami area.
The first Brickell location will be in the base of Brickell Heights’ East Tower, just around the corner from Equinox. The apartments at this location range from the high $300,000’s to $2.8 million for purchase, or $2,000 per month to $11,000 per month for rent and just came available this past summer.
Next, a location will open in the retail space at ECHO Brickell, which opened just last month. The apartments here range from the high $800,000’s for a one bedroom to $4.2 million for a duplex (two-story) three bedroom. They also have a custom-designed penthouse that asks $42 million!
After the two Brickell locations are open, a grab & go kiosk will open in the Miami Central Station in Downtown Miami. We don’t have a date for this just yet, but are very much looking forward to the Brightline link between Miami, Broward, Palm Beach, Orlando and beyond!
The idea behind Rosetta is to offer high-quality, fresh bakery items and coffees quickly and affordably. There aren’t any frozen bakery items, everything is made in small batches by Italian chefs that have been brought here from Italy to share their craft with Miamians. In addition to the sweet pastries and fruit tarts, there will also be savory sandwiches. If you would like a preview of the fare, visit their flagship store at 16th and Collins on Miami Beach.
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The Ultimate Market Stat Monday: Downtown Development Authority’s Mid-Year Report
Despite the fact that many media outlets and whispers in the marketplace would leave you to believe that the cards are stacked against us in the Miami condo market, things really aren’t so bad according to the Downtown Development Authority (DDA) Mid-Year 2017 Report. As they state in the report, “2017 has not been the best of times, but it hasn’t been the worst of times either.”
I have included the full 28 page report below, but also a synopsis…
RENTALS
The report separates the rental market into two sub-categories. Conventional rentals are the rental-only buildings that are all managed by one company. 2017 has brought 969 new rental units to the market, leaving just under 3,600 under construction. The condo rentals are considered shadow inventory since there is no way to tell whether a unit would be a rental, resale, or final sale until after delivery.
Amazingly, despite increased inventory, rental prices have increased slightly in conventional rental communities. I had previously been skeptical about the rental community market with so much inventory going up, but our neighborhood is very attractive and people are flocking in.
The segments of the rental market showing the biggest price gains are 1 bedrooms and 3 bedrooms, showing 3.4% and 3.6% growth since last year respectively. Studios are showing a slight decrease in price, but I suspect that this is due to the fact that tenants who would typically take a studio are now taking one bedrooms. Three bedrooms are less plentiful in the neighborhood, so are almost always a good investment opportunity.
PRE-CONSTRUCTION
The market in new developments is also hanging on. The researchers report that 2016 and 2017 YTD have garnered about 50% of the sales experienced in 2015, which experienced 25%-50% less than 2014. It’s undeniable that things have changed, but we will survive and the projects will be sold.
While the market has slowed markedly, projects that are currently under construction and 55%-60% sold do not seem to be in distress, according to the researchers.
One submarket that could flourish in the upcoming 18 months is the smaller-scale boutique project market. According to the report and our experience, these developments tend to capitalize on infill lots between the larger developments and do very well when the larger buildings slow down.
RESALES
Our resales are facing a tremendous amount of inventory with a 6% decline in overall pricing since last year. From July 2016 to June 2017 there were an average of 99 resales sold. That rate needs to be raised by an additional 500-700 listings sold per month to reach pricing equilibrium.
The conclusion of the report is that because so many new construction projects continue to be delivered and fewer projects are announced, we could see some stability in 2018 if nothing crazy happens.
Miami Metromall in Downtown Miami Offered For Sale As Potential 80 Story Tower
The Miami Metromall, or First on First (as the owners are now calling it), is offered for sale in Downtown Miami. The site boasts over 33,000 square feet of developable land after the current structure is demolished and is zoned for a tower up to 80 stories.
Located at 1 NE 1st Street, the property offers an attractive address as well as a super attractive location. Looking at the map, you can see that the site is extremely convenient to the Miami Metromover to travel throughout the Downtown area, Government Center to travel throughout the county, All Aboard Florida to travel to Orlando, countless local government offices and the world-renowned Downtown Miami Diamond District. WeWork is also opening a flagship co-working space just steps away in the historic Security Building. The only thing it doesn’t have is water frontage.
Given the fact that the area has 235,000 daily visitors, paired with recent land sale comparables of $600+ per square foot, this offering is very attractive. While there is no disclosed asking price, I could realistically see a win-win feasible deal for anything up to $23 million. If a developer were to pay $23 million, then build the maximum 774 units on the site, they would essentially incur a cost of $30,000 per unit on their land buy. That holds par with typical development costs for semi-luxury to luxury condos, but there is still the fun negotiation zone, so it looks like Downtown Miami has a viable opportunity!
What do you think? What would be best suited for this parcel?
If you would like more specifics, just let us know.
Inside One Thousand Museum by Zaha Hadid: A Construction Tour
Now that the vertical construction is nearly completed and the fully finished (albeit not furnished) model is open, we were invited for a hard hat tour of Zaha Hadid’s One Thousand Museum in Downtown Miami. After touring the finished model on level 17, which is a 4 bedroom plan that occupies half of the floor, we were also able to preview the views from the 50th floor. On this level, the apartments are 10,000+ square foot full-floor layouts but are still too much of a construction site to be able to preview the finishes.
The project is currently 60% sold, with remaining opportunities in the duplex town homes from $12 million, half floor residences with 4 bedrooms plus staff quarters for $5.5 million to $7.5 million, full-floor residences from $18 million and the penthouse, which has its own helipad for $49 million.
Check out our video to see the views and finishes for yourself!
