One River Point, the ultra-luxury residential and hotel project planned for the Miami River that has Hong Kong-level service and a boat valet, just released new renderings of unit interiors, showing off mighty deal balconies, vast great rooms, and views that seductively mix water and city. Other renderings, most of which are older but just as sexy, show the project’s twin towers connected by a gigantic bridge and private club floating in the sky, a huge waterfall, the main pool, and the exterior from various angles. Designed by starchitect Rafael Viñoly and developed by KAR Properties, One River Point is taking reservations at the moment. It’s also the fanciest place to hit the Miami River probably ever.
New Owner Reboots The Edge on Brickell as a Hotel
New rendering of The Edge on Brickell
The Edge on Brickell is back, sort of. The sliver of land at 55 SW Miami Avenue where a condo tower was proposed just a few years ago will now be the site of a hotel, developed by its new owner Brazilian Leo Macedo of the Brick Group. The developer told Miami Today “A hotel makes a lot more sense than residential on the river in this particular location,” close to transit, marine life, and the activity of lots of surrounding new developments.
Although the hotel has a new architect and a new (even taller!) design, Macedo is sticking with the name ‘The Edge on Brickell.’ The project will have 200 hotel rooms and more parking than the axed residential tower. Plans shown to the Miami River Commission on April 22nd show two ninth floor pool decks and a rooftop restaurant.
Week in Review: Brickell City Centre Reveals Climate Ribbon & Other News…
Week of December 6-12, 2015.
We survived the 13th Art Basel in Miami Beach, drawing record breaking crowds as well as record breaking rain. Despite weather and crowd-related delays and a bit of drama, the yearly art fair drew an estimated 77,000 visitors from around the world and the festival was a success. [NY Times]
Brickell City Centre put a pause on construction to host a beautiful party unveiling their $30 million climate ribbon. The ribbon is designed to filter the tradewinds from the Biscayne Bay into the development, cooling the shoppers and redirecting rain water to the landscaping. [Curbed Miami]
PMG gained approval to build a 1,049 ft tower at 300 Biscayne Boulevard. This would make the new tower even taller than the originally planned 93 story Empire World Towers that was previously proposed for the site. [The Next Miami] The original plan for Empire World Towers was abandoned after the original developers were sent to prison for tax evasion and fraud. [South Florida Business Journal]
Miami Riverfront land is one step closer to being a more usable & pedestrian friendly shopping/culinary destination. Riverside Wharf would have a fish market, restaurants and a public riverwalk. [Miami Today]
Speaking of the Miami River area, David Beckham finally found a spot for his new soccer stadium. The new & approved location is in Overtown, just bordering the Miami River District and close to highways, public transportation and Downtown Miami. The area has often been overlooked until now, we are excited to see the changes that the stadium will bring! [ESPN]
Moishe Mana has been busy in Downtown Miami. He closed on two more sites this week and now owns over 800,000 square feet of space in the area. We can’t wait to see his plans once he reaches his goal of acquisition in the area near Flagler Street in the historic area of Downtown Miami. [The Next Miami]
The Underline Reveals Plans for New Brickell Park
The green area under the Metrorail line in Brickell has historically been the dividing line between East Brickell and West Brickell, but will soon be a thriving park area reminiscent of Manhattan’s High Line. The co-designers of the famed park have unveiled a master plan for the green area under the rail line stretching from the Miami River all the way to Dadeland.
While the 10 mile master plan in its entirety is ambitious, it is also supported by local businesses, governments and locals alike, all of who have been searching for more park space for some time in our community. The initial $5 million government grant is proposed to build out the Brickell section as a demonstration project so that the success story can be taken back to the state Legislature for additional support. Previous requests for additional funding have been approved by the state Legislature but vetoed by Gov. Rick Scott.
The Brickell section of The Underline will feature a riverfront seating area, picnic areas, outdoor gym, shaded play area and a MUCH needed dog park. An area of naturally formed oolite will be incorporated into a play area with a rock climbing wall. Once completed, each stop of the Metrorail will boast different community friendly features to improve the nearby communities.
On Monday November 9, the Friends Of The Underline support group will host another presentation of the plan in its’ entirety. This will be the last opportunity that the public has to comment on the master plan before it goes to the Miami Dade County Commission for approval. Here is the information of this presentation for those who would like to attend:
Best Deal in Brickell! Fully Furnished 1 Bedroom Penthouse on the 44th Floor – $310,000
Update: Price has been reduced to $310,000. Includes furniture.
Earlier today, I got another new listing signed. This time a beautifully furnished 1 bedroom penthouse with 12-foot ceilings and ceramic tiled floors throughout. The 783 square foot condo is located on the 44th floor of Latitude on the River and offers amazing views of Biscayne Bay and the Brickell skyline to the south. The unit comes with one assigned parking space located on the 6th floor of the parking garage. That is extremely rare since almost all 1 bedroom units in the building come with one valet-only space. The kitchen comes equipped with stainless steel appliances, granite countertops, and white Italian cabinetry. The unit includes a large walk-in closet in the bedroom along with a second spacious closet in the hallway. It is important to note that this unit completely clears the Latitude One office building situated just in front of Latitude on the River. Most of the south facing units do not.
Latitude on the River is located at 185 SW 7 St, just two short blocks away from the upcoming mixed-use development called Brickell City Centre. The nine acre development will include an array of luxury shops and restaurants as well as a number of entertainment options. Phase one completion of the one billion dollar development is scheduled for next year.
The maintenance fee for this condo is $554.39 per month. Based on recent rental comparables, this furnished unit should easily rent for $2,000 per month on an annual basis. Renting the unit on a short-term basis would also be an option since Latitude on the River allows rentals with a 3 month minimum. Latitude is also a pet friendly building permitting up to 2 dogs with a maximum weight limit of 70 pounds.
Additional pictures of the penthouse, along with the floor plan and pictures of the building amenities, can be found in the slideshow below. Please contact me if you or someone you know has an interest in scheduling an appointment to view this beautiful condo in person. I am also available to answer any questions you may have. I can be reached via email at lucas@miamicondoinvestments.com or on my cell at 786-247-6332.
Three Bank Owned Condo Foreclosures Worth Pursuing
The foreclosure forefront has been quite slow ever since several U.S. banks initiated a voluntary freeze in October. The freeze on foreclosures was implemented after banks had acknowledged using “robo-signers” to approve hundreds of foreclosure documents a day without first verifying the information in them. Bank of America, the largest U.S. financial institution, announced the week of December 6, 2010 that it would lift its national foreclosure freeze and resume taking possession of properties. Despite the announcement, I had not seen any foreclosure condos in Miami or Miami Beach hit the market that I felt would be of any interest to my readers for quite some time. That is, until yesterday. The following are three Miami or Miami Beach condo foreclosures along with my commentary detailing why I feel they are deals worth pursuing.
One Miami #3103 – This 31st floor, 1 bedroom/1 bath bank owned foreclosure has 868 square feet and is asking $182,000 or $210 per square foot. The unit faces south overlooking the Miami River with views of Biscayne Bay from the balcony. Taking a look at recent sales at One Miami, one can see that unit 803 which is in the same line but located 23 floors lower sold for $188,000 on November 9, 2010. This is the only 03 line that has sold within the past six months. Unit 3103 at One Miami is currently the second best priced condo in the building, second only to a short sale by $2,000. If you’re looking for a quick purchase without the hassle of a short sale then this is a great condo to look into right away.
Vue at Brickell #2115 – With an asking price of $159,900, or $143 per square foot, this 2 bedroom/2 bath corner unit is an exceptional deal but I expect it to sell well above asking price. Of the recent sales at Vue at Brickell, units 1415 and 815 are by far the best comparables because, once again, they are in the same line as the subject property. Unit 815, residing 13 floors lower sold for $180,000 on October 28, 2010 while unit 1415, just seven floors lower sold for $185,000 on August 5, 2010. You also have to take into account that unit 2115 appears to be an upgraded unit from the pictures. It has hard wood floors throughout the living areas while units 815 and 1415 both had carpeting.
The Cosmopolitan #2213 – If you’ve been waiting for a well priced condo foreclosure in South Beach, then look no further. The Cosmopolitan is located at 110 Washington Avenue in the South of Fifth neighborhood of South Beach which is one of the most sought after neighborhoods in Miami Beach. This 1 bedroom/1 bath condo has 861 square feet and comes with 2 parking spaces, a rarity in the Miami Beach condo market. The asking price is $241,433, or $280 per square foot, which is an unbelievable deal for a 1 bedroom condo at The Cosmopolitan. Notice that next best priced 1 bedroom condo currently available at The Cosmopolitan is asking over $75,000 more than unit 2213. For some reason, our website isn’t showing any of the seven condos that have closed at The Cosmopolitan over the past six months. Three of the seven closed sales were one bedroom units which ranged from $270,000 to $349, 500.
Fannie Mae Special Approval Designation – Updated
The following are six well known condo buildings in Miami that were given the Fannie Mae Special Approval Designation since my last update on January 18, 2010. The special designation makes it now possible to obtain financing for condos in these buildings using a conventional loan.
Just wanted to share some day and night photos that I shot earlier today of various newly constructed condo buildings along the Miami River while showing some units at Brickell on the River North.
Daytime shot of Epic. Closings at Epic began in November 2008.
Nighttime shot of Epic:
Daytime shot of Wind. Closings at Wind began in February 2008 and has residents living there.
Daytime shot of The Ivy at Riverfront. Closing at The Ivy at Riverfront began in June 2008 and also has residents inhabiting the condo building.
Daytime shot of The Mint at Riverfront. As far as I know, The Mint at Riverfront has not obtained its certificate of occupancy yet. From the looks of the picture below, it appears that the pool deck has not been completed. Expect closings to begin within the next 2-4 months.
Daytime shot of The Mint at Riverfront, The Ivy at Riverfront and Wind.
Nighttime shot of The Mint at Riverfront, The Ivy at Riverfront and Wind.
The following is not a building located on the Miami River but I wanted to share this great shot that I took of the Bank of America building from the pool deck of Brickell on the River North.
Brickell on the River South Closeout Sale
I received an email earlier this week about a developer closeout sale at Brickell on the River South. Prices of units include flooring and paint. The sale will open to the public January 14, 2009.
The ad states that they have “a limited amount of one bedrooms from $180,000 and two bedrooms from $213,000”.
The Ivy – A Photo Tour
A few weeks ago, I had the opportunity to visit The Ivy for the first time. The Ivy is located on the Miami River just west of Downtown Miami in the only riverfront gated community. I was given a tour of the amenities and a two bedroom condo. As always, I brought my digital camera with me to shoot pictures to share with my readers. You’ll notice in the pictures below a heavy use of the colors white and green throughout the common areas at The Ivy.
Below, you will find a shot of the lobby at The Ivy:
The arcade room with ping pong and air hockey tables:
The billiards room at The Ivy:
The entrance to the women’s spa at The Ivy:
A shot of the shower, sauna and steam room at The Ivy:
A seating area off the spa:
The state-of-the-art fitness center at The Ivy:
An aerial shot of the lap and resort-style pool as well as the hot tub at The Ivy:
The grass-covered volleyball court:
The barbecue area at The Ivy:
The residents of the condominium buildings located within the gated riverfront communities such as The Ivy, Mint, Wind and Cima will be able to share the planned soccer field and tennis courts. The shot below, located just north of The Ivy, is of the site where that will reside:
The clubroom at The Ivy:
Another shot of the clubroom:
The condos at The Ivy come “decorator-ready”. Below is a shot of the kitchen which comes with stainless steel appliances. The wrapping had still not been uncovered on the refrigerator, oven and dishwasher in this unit.
My favorite part of the condos at The Ivy is the glass shower wall with a view to the bedroom:
Another shot of the shower. You also have a view out the balcony door from the shower as well.
The Ivy offers fabulous views of the Miami skyline. Below is the type of view that you can expect from the units facing south:
