501 First Residences- Renderings and Plans Just Released for the 40 Story Tower in Downtown Miami
Miami can now officially welcome the newest pre-construction tower to grace our gorgeous skyline, 501 First Residences in downtown Miami. This new 40-story tower with 448, will be developed by Aria Development Group and designed by Revuelta Architecture International, who also designed Wind and 900 Biscayne. 501 First Residences will be located at 501 Northeast 1st Avenue with views of downtown Miami and Biscayne Bay.
Acoording to the Aria Development group, this particular development will be built to cater to the short-term rental market. The biggest perk is that there will be no rental restrictions. Which means, the resident can utilize any consumer platform (Vrbo, Expedia, Airbnb, etc.) to rent and each unit can be rent for 1 day or more.
The renderings reveal floor-to-ceiling windows and expansive balconies. The sleek structure is curved creating a horizontal and vertical grid like design. The exact height of the development hasn’t been released but we can expect the 40-story high structure to be over 450 feet in height.
The 448 luxury units will be fully finished and furnished with pricing starting at $300,000. Floor plans will range from studios, 1 bedroom, and 2 bedrooms. The square footage for each unit is expected to be from 385 to 835 square feet.
Residence Features:
Fully finished and furnished residences thoughtfully curated by award-winning design firm, Shim Projects
Floor to ceiling glass windows with custom window treatments
All residences feature balconies
Biscayne Bay and Miami skyline views
Finished flooring on all residential interiors and balconies
In-unit washers and dryers
Kitchens and bathrooms feature custom Italian cabinetry and counters
Speed oven by Smeg
Integrated paneled refrigerator and freezer
Dishwasher
Fully built-out closets
Hansgrohe bathroom fixtures, features, and accessories in dark matte finish
Building Amenities:
Porte-cochère entrance with 24/7 valet service
On-site management office
Mid-century, modern-inspired interior finishes and furniture in residential lobby with 25ft ceiling
Secure bicycle storage in enclosed and air-conditioned space
Centrally-located personal storage for all owners
Luxer One Package Room featuring a tech-forward, contactless digital package delivery system
Dry-cleaning service
Ground floor bistro and bar helmed by New York City’s GPG Hospitality
State-of-the-art indoor gym with private fitness training rooms
Yoga/meditation room
75-foot resort-style lap pool
North-facing private rooftop movie theatre experience
Grill & Chill on the Sunrise and Sunset Decks
Outdoor Game Lawn
Hot hydrotherapy bath
Private club suite with game tables
Entertainment chef’s kitchen
Media Room
Library
Private workspaces
Pet Lounge with pet bath station
Greenhouse
The site currently features a 2-story buidling that was built in 1924 and was previously the sales center for YotelPad Miami. The entire project will take over 4 lots equaling 22,500 square feet. According to tax records, the developer purchased the lots in 2015 for $8,250,000.
According to Miami-Dade Country records, construction permits have not been filed. The ground breaking is expected to be scheduled for spring 2022 with a top-off date in spring 2023.
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.
Downtown Miami Rental Market
Below, is a spreadsheet I compiled earlier this afternoon that shows various statistics regarding the Downtown Miami condos rental market. Click on the link below the spreadsheet to view it in its entirety. I calculated the months of inventory figure by dividing total units available by the average units rented over a three month period from December 1, 2010 to February 28, 2011. You will see that Downtown Miami currently has 2.55 months of rental inventory.
Downtown Miami Rental Market as of March 15, 2011
The Arts District & Downtown Miami Closed Condo Sales – November 2009
Edgewater Miami Closed Condo Sales – November 2009 – There were 12 closed condo sales in the Edgewater Miami last month in the MLS. The average sales price of these condos was $177 per square foot.
Downtown Miami Closed Condo Sales – November 2009 – 18 condos in Downtown Miami closed in the MLS in November 2009. These sold at an average sales price per square foot of $318. It’s interesting to note that of the four neighborhoods in Miami, the condos in Downtown Miami sold at the highest price per square foot last month.
Miami Green Spaces
Living within close proximity to a public green space is usually a pretty important factor, especially for dog owners, when considering places to live in a large metropolitan area. Miami is no different, which is why I’ve decided to discuss various public green spaces within walking distance to many of Miami’s new condo buildings. This post will probably be more informative to nonlocals but it actually still amazes me how many people living in Miami haven’t heard of nice parks such as Margaret Pace Park.
Margaret Pace Park – Of the public green spaces mentioned in this post, Margaret Pace is my favorite. It is located in the Edgewater Miami within walking distance to Quantum on the Bay, 1800 Club, Cite on the Bay and the future Paramount Bay. Margaret Pace Park offers a number of activities such as tennis, volleyball, basketball and soccer. It’s typical to see volleyball and basketball games continue well until the sun goes down. You’ll also see runners dashing around the parameter of the park and dog owners playing with their pets and mingling with other dog owners. Those with small children will also appreciate the children’s park at Margaret Pace park.
Museum Park (formerly Bicentennial Park) – This public green space was recently renamed Museum Park. It will be a collaborative effort by the Miami Museum of Science and the Miami Art Museum. Museum Park is located just south of the I-395 expressway and just north of the American Airlines Arena. It is walking distance to Ten Museum Park, 900 Biscayne Bay, Marina Blue and the future Marquis in the Downtown Miami neighborhood of Park West. Currently, this is probably the most underutilized public green space by locals throughout Miami. You’ll occasionally see soccer games taking place, as you do in the picture above, but that’s about it. Museum Park is home to a variety of music events, with the largest being Ultra Music Festival held in March. It’ll be nice to see the transformation of Museum Park within the next 1-2 years.
Bayfront Park – This public green space has a children’s park, an amphitheater (not seen in the picture above) and a helium balloon ride, called Miami SkyLift, that unfortunately hasn’t taken off in quite a while. Bayfront Park is also home to the Flying Trapeze School and offers yoga classes three times per week. Bayfront Park is located in Downtown Miami just south of Bayfront Marketplace and just north of the Intercontinental Hotel. It is walking distance to condominium buildings such as 50 Biscayne, the Loft Downtown, Loft 2, One Miami, Met 1 and the future Everglades on the Bay (now known as Vizcayne).
There are a variety of other public green spaces throughout Miami not mentioned in this post. However, these are the ones located near many of the new condo buildings in Miami. Unfortunately, there currently aren’t any public green spaces in Brickell.
Hudson & Marshall Auction Results
Below you will find the results for the condos of interest that were auctioned this past Saturday:
Cite on the Bay – Unit #110 – 3 bedroom/2 bath – 1,475 SF – $300,000
Four Ambassadors – Unit #344 – 1 bedroom/1.5 bath – 940 SF – $169,500
Loft Downtown – Unit #204 – 1 bedroom/1 bath – 784 SF – $128,500
Vue at Brickell – Unit #1215 – 2 bedroom/2 bath – 1,116 SF – $340,000
Vue at Brickell – Unit #2307 – 1 bedroom/1.5 bath – 814 SF – $222,000
There were a large amount of people in attendance at the Hudson & Marshall auction on Saturday. There also seemed to be a higher percentage of active bidders in the crowd than I have seen at past auctions. Regardless, the first 20-30 properties that were auctioned all failed to crack the $100,000 mark. A condo in Homestead was auctioned for $56,000, which was the lowest that I saw a property go. This auction had a 5 percent buyer’s premium.
Slowly, throughout the rest of the day, properties began to garner higher and higher prices. With the exception of the 3 bedroom at Cite on the Bay and the one bedroom at Vue at Brickell, I was expecting the condos to go for less. I think the three bedroom at Cite on the Bay for $300,000 was the only great deal of the six condos above. The one bedroom at Vue at Brickell for $222,000 was a good deal but given the high number of short-sales and foreclosures in the building I think it went for the right amount.
I was shocked that the two bedrooms at the Vue at Brickell and The Club at Brickell Bay went for so much. I’m not sure about the unit at The Club at Brickell Bay, but I know that the one at Vue at Brickell needed some work. It had mold in the unit and the carpets needed to be replaced. In my opinion, the highest bidder of each of these units paid too much. That’s just my opinion though.
100+ Properties to be Auctioned This Saturday
Over 100 properties located throughout South Florida will be auctioned this Saturday in Fort Lauderdale. I’ve known about this auction for quite some time but wasn’t sure whether or not I should write a post about it for a couple of reasons. One, most of the properties are predominantly single family homes while my blog only discusses condominiums. Two, only a handful of the properties are located in Miami and Miami Beach, which is where I focus most of my energy.
I decided to go ahead and inform everybody about it though because a few of the condos reside in developments that I’ve previously mentioned. For example, two condos from Vue at Brickell will be auctioned on Saturday while The Club at Brickell Bay will have one. No surprise there!
Here is a list of some of the condos in some of the more well known developments that will be auctioned:
Vue at Brickell – Unit #2307 – 1 bedroom/1.5 bath – 814 SF
None of these developments are particularly exceptional but it’ll still be interesting to see at what price they will be auctioned. I think the unit at the Loft Downtown has a good chance to go for around $100,000 or less.
Check out the Hudson & Marshall website for more information about this auction.
By the way, I did noticed that Deutsche Bank is now in possession of a large number of the properties that will be auctioned on Saturday.
