The owners of Downtown’s Miami Metromall seem eager to unload the 33,000 square foot development site. They have issued a call for offers that expires this Monday. Once the existing structure is demolished, a new tower up to 80 stories could be built.
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.
How much do you think they will garner from the sale?
New Renderings Emerge Of PMG’s New Supertall Condo Tower At 300 Biscayne
Property Markets Group has revealed renderings for their new super-tall tower that will be constructed at 300 Biscayne Boulevard in Downtown Miami. The project will be named 300 BiscayneWaldorf Astoria Hotel and Residences, according to their new website and the renderings were produced by ArX Solutions.
A sales center is currently under construction on the site that is expected to open in early 2018. Once completed, the tower will offer a five-star hotel and residences in the tallest residential tower south of New York City.
Although approval has not yet be granted, the developers have submitted a request for approval of a 1,041-foot tall tower with 88 stories.
What do you think of the design?
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!
Aston Martin Residences Announces Construction Start Date; Releases Video Preview
Staying true to their word that construction will begin this fall, Aston Martin Residences has announced that the actual date will be October 18. A notice of commencement was filed August 10 to begin construction, despite the fact that their $10 million sales gallery just opened on the build site in June.
In conjunction with the announcement that construction is set to begin, the developer has also released a teaser video, highlighting the level of service and quality of finishes that owners will experience once the building is complete in 2022.
Residences will range from 1-5 bedrooms, including duplexes, penthouses and a triplex penthouse. The edifice will have unparalleled amenities and services include Sky Amenities, which is 42,275 sf of amenities divided into four floors (52-55), connected by an elegant glass staircase. The team has masterfully designed Aston Martin Residences Miami for those who want to a live a world-class lifestyle.
Residences range from $600,000 to $7,000,000 and penthouses are available from $16 million to $50 million. Have a look at the video preview below.
The Behemoth 371ft “Le Grand Bleu” Docks in Museum Park
LE GRAND BLEU – one of the largest private yachts in the world has made a stop in Miami, docking at Museum Park. Originally built in 2000, LE GRAND BLEU was once owned by Russian businessman Roman Abramovich.
The details of the interior are scarce because the owners of LE GRAND BLEU are fiercely private, but we do know that the opulent floating palace is loaded with toys. Two cranes atop the vessel hold two additional yachts near the helipad. On the port side, there is a 73-foot sailboat and, on the starboard side, there is a 68-foot powerboat. On the stern is a 16-foot swimming deck and there is even a beach club on the port side. Below deck, visitors of LE GRAND BLEU will find an extensive garage carrying two 36-foot Buzzi sport boats and a landing craft to carry a 4×4 Land Rover for excursions offshore.
Le Grand Bleu is also environmentally conscious. She is equipped with sewage and wastewater treatment plants, a water purification system and nitrogen and sulfur exhaust emission controls.
Despite being unavailable for charter, LE GRAND BLEU has the capacity for up to 20 guests and a crew of 35.
Earlier this year, she caused a stir in New York City for anchoring in the New York Harbor, blocking views of the Statue of Liberty.
One Of These Downtown Miami Sites Could Be The New Amazon HQ
Now that Miami has officially thrown its hat in the ring to be the new home of Amazon’s second headquarters, the competition is also heating up between potential development sites. Amazon’s Request for Proposals was very specific regarding the criteria they are looking for with regards to square footage, zoning and proximity to transportation.
Using a software called Zonar that has recently been adopted by the City of Miami to streamline the development process, it takes only a few hours to pinpoint potential development sites and maximize the space with Amazon’s criteria in mind.
Here is the full feasibility report with details on all 6 potential sites in the Downtown Miami area. Which do you think is the best fit?
Market Stat Monday: Almost $50 Million In Contracts Signed Post-Irma
It has been a few weeks now since the skies have cleared in Greater Downtown Miami after Hurricane Irma’s brush, and despite a little bit of flooding and debris, we were very lucky. Now that cleanup is under way, how have the condo sales fared?
Not too bad, if I must say. Despite having only two functional weeks in September, nearly $50 million in resale contracts were signed on 79 total units.
The least expensive listing to find a buyer was at the Loft II Downtown, where a 770 square foot one bedroom was listed for $175,000. Of the 79 units that went to contract, 50 of them were listed for under $500,000. We will find out the final sales prices once they close.
In the luxury segment, there were a total of 6 properties listed over $1 million that found buyers. Among them was the crown jewel penthouse #1 at Asia on Brickell Key. With nearly 5,000 interior square feet through three levels including a dramatic rooftop terrace with a private pool, the sellers had asked $8.5 million, or $1,715/square foot.
Comparing September of 2017 to September of 2016, you will see that 2016 brought both a higher number of transactions as well as a higher volume of listings sold, but not enough to make it an overall better month considering that September 2017 was short due to people being distracted by the hurricane and Hurricane Matthew didn’t brush South Florida until October of last year. September of 2016 brought just over $60 million of listings sold, with 119 total transactions.
To celebrate the end of a successful yet stressful September, let’s check out some photos of that Asia Penthouse!
Aston Martin Residences Prepares For Groundbreaking
Aston Martin Residences is preparing for groundbreaking, according to The Next Miami. On August 10th, they filed a Notice of Commencement with the county, which is the first step toward actual dirt moving. The developer had previously said that they would begin construction of the site in the fall of 2017, although they just opened their $10 million sales center on the same site two months ago and they are still waiting for their application with the FAA to be approved at the proposed 816-foot building height.
Unit prices at Aston Martin Residences now range from $600,000 for a one bedroom condo to $50,000,000 for the penthouse.
