Introducing Onda in Bay Harbor – an 8-Story Tower to Begin Construction This Year
‘Onda’, the Italian word for ‘wave,’ will be the newest luxury 8-story condominium tower on the shore of Bay Harbor Islands. Designed by award-wining architect Bernardo Fort-Brescia, Onda will be harnessing Italian-styled finish by Valerio Morabito and Ugo Colombo.
Featuring 41 units throughout 8 floors with private and semi-private elevators, this boutique building is located on a small island next to Bal Harbor with exceptional views of Sunny Isle.
BUILDER AND ARCHITECT INFORMATION
Developers: Ugo Colombo and Valerio Mortabito
Interior Design: Carlo y Paolo Colombo
Architect: Bernardo Fort-Brescia
CONDOMINIUM CHARACTERISTICS
2 Bedroom + den (1,809 square feet) to 4 bedroom + den (3,523 square feet)
4 penthouse options
Spacious terraces available
BUILDING FEATURES:
Private Marina with 12 boat slips
PRICING
Price ranges from $1.7 million to $8 million
HOA is $1.29/sf
Deposit Breakdown:
10% with Reservation
10% at Contract
10% at Ground Breaking
10% at Top Off (summer 2022) /
60% at Closing
The groundbreaking for this project is expected to begin in Q4 of 2021 and the construction is estimated to be complete Q1 of 2023.
Baccarat Hotel & Residences will be the newest condominium development in the Brickell neighborhood of Miami. Located at 444 Brickell Avenue; tower 1 will be 88 stories, tower 2 will be 75 stories, 375 units, and 2 private elevators per unit. 1 to 4-bedroom units will be available starting from $945,000.
Developer: The Related Group
Architect: Arquitectonica
Landscape Designer: Enzo Eneas
Interior Designer Curated by Baccarat: Meyer Davis
According to The Real Deal, The Related group paid $104 million for the property in 2013. The 4-acre property is home to an office building with a Capital Grille restaurant on the ground floor.
Condominium Options:
1 bed plus den /2 bath – line 05 1,337 sq ft Starting $945k
2 bed plus den/ 3.5 bath -line 02/03/04 1,788-1,923 sq ft Starting $1,410,000
3 bed /3.5 bath – line 06 SE Corner 2,084 sq ft Starting $1,805,000
4 bed / 4.5 bath – line 01 NE Corner 3,033 sq ft $2,465,000
Payment Structure:
20% at contract 10% groundbreaking 10% at 12th-floor amenity deck 10% at top off 50% end of 2024
Residence Features:
Private key elevator access
10 Ft ceilings residences
Linear diffusers in living areas
Ital Kraft cabinetry and Wolf induction and oven and stone backsplashes
Sub-zero fridge and wine storage
Solid door wooden doors
Master bedroom has 2 walk-in closets
Laundry rooms and utility sinks in selected residences
Smart building – pre-wired
Touch screen monitor for concierge & security
Package to 4 choices of flooring included in the price
Building Features:
Zero-entry heated pool
Kids pool
Bbq area
Club room
Billiard room
Fitness room
Hamam spa
Squash court
Wine cellar and tasting salon
Game room
Children’s playroom
Business center
Gourmet market
Waterfront restaurant
Boat slips for rent
Valet & security
Membership for 1 year to 1 hotel beach club
Riverwalk under the bridge to Miami circle
If you or someone you know has any interest in purchasing or would like more information about the Baccarat Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 or click here for more information.
Miami Welcomes Natiivo as the Up and Coming Urban Luxury Home-Sharing Residences
Mixing hotel luxuries with all the amenities a condominium has to offer, Natiivo Miami was then born. Designed and curated by the firm, Urban Robot, they have created a one-of-a-kind luxurious and sophisticated atmosphere perfect for downtown Miami.
Natiivo is the newest and first Condo/Hospitality residential tower located in the heart of downtown Miami with close proximity to the Miami World Center, Frost Museum of Science, Miami Airlines Arena, and Adrienne Arsht Center for Performing Arts. This development is projected to be a 51-story condominium with views of the city as well as Biscayne Bay.
Designed for home sharing, Natiivo Miami offers its owners the ability to rent out their condos as short-term or long-term rentals. The most important factor is that the owner can choose to manage their own rental, hire their own management company, or hire Natiivo Miami to manage the unit.
Units are finished and fully furnished with 16 types of available floor plans ranging from studio apartments to three-bedroom suites. Square footage ranges from 492 to 1,633 square feet with available options of downtown views, Biscayne Bay views, balcony, and/or interior.
Not only are there multiple options available for residences and guests but the building itself offers 3 floors with 70’000 square feet of curated amenities.
Natiivo Miami ‘The Work on 8th’ features 10,000 square feet of co-working space with an amphitheater presentation area.
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
The ‘Social on 9th’ offers 24,000 square feet of food, beverage, and entertainment offerings with a range of local and international options.
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’ boats 16,000 square foot 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
The construction has started but once the development is complete, Natiivo Miami will be one of the 25 tallest buildings in Miami. If you or someone you know has an interest in purchasing a Natiivo Miami Unit, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
The Good, the Bad, and the Ugly: Closing Percentages for Brickell Flatiron, Paramount Miami Worldcenter, and One Thousand Museum
The Reboot
Back in November 2007, I started a series of blog posts called “New Construction Closing Rates” where I shared with my readers the closing percentages of the vast number of condo developments that were being delivered at the time. It became a very popular series with my readers mainly due to the transparency it offered to the public. As some may expect, in times of market trepidation, condo developers tend to safeguard their sales and closing figures.
Well, at the beginning of this year, mainly out of my own curiosity, I began tracking the closings of three of the newest condo developments in Greater Downtown Miami: Brickell Flatiron, Paramount Miami Worldcenter, and One Thousand Museum. As this post is named “The Good, the Bad, and the Ugly”, I’ll begin first with Brickell Flatiron, the condo development that has fared the best of the three condo developments.
Of the three condo developments, Brickell Flatiron was the most recent to begin closings. Its first closing took place on November 1, 2019, while closings for Paramount Miami Worldcenter and One Thousand Museum began on August 13, 2019 and July 15, 2019, respectively.
Since November 1, 2019, according to public records, the developer of Brickell Flatiron has successfully closed 433 of 527 total units (an 82.2 percent closing percentage) as of this writing. The most recent closing that appears in public records took place on March 6, 2020. It’s important to note that there can be a lag of two to three weeks between the time a property closes and when it appears in public records. As of late, the developer of Brickell Flatiron has averaged around 6 closed units per week. In the month of February, the developer closed a total of 25 units. At this pace, the developer of Brickell Flatiron should hit the 90 percent closed mark by the end of next month. And even if closings were to significantly slow due to the nightmarish economic conditions posed by the Coronavirus, the developer would be in a solid position to ride it out given that the construction loan for Brickell Flatiron was paid off three months ago.
As mentioned above, Paramount Miami Worldcenter closings began on August 13, 2019. Since then, the developer has closed 336 of 569 total units (a 59.1 percent closing percentage) as of this writing.
This past week, the Paramount Miami Worldcenter sales team sent out a marketing email stating that it had $7 million in sales in the month of February. Well, according to public records, the developer of Paramount Miami Worldcenter closed seven (7) units in the month of February totaling $6,964,000 (close enough in my book). Kudos to the sales team! The most recent recorded closing took place on February 24, 2020. The bad news, of course, is that at a pace of 7 units per month, the last of the developer inventory won’t be sold until the end of 2022.
Of the three condo developments, One Thousand Museum began closings the longest ago. Closings began on July 15, 2019. Since then, the developer, as of this writing, has closed 45 of 84 total units (a 53.6 percent closing percentage). While that may not be too surprising given the price point of the development compared to the neighborhood average (~$1,200 per square foot vs. ~$425 per square foot), what I do find worrisome is that One Thousand Museum hasn’t had a single closed sale year-to-date, according to public records. The most recent recorded closed sale was on December 27, 2019. At a pace of one closed unit per every three months, the developers won’t close out the remaining inventory until the start of 2030!
What I find puzzling is that on February 18, 2020, the One Thousand Museum Instagram account shared news of having four sales in four weeks. Sounds great, right? Definitely! But not a single one of those four sales has been recorded. So what happened to the four sales? Given that there’s only a two to three week lag between when a unit closes and when it appears in a public records, all four of those sales should have shown up by now. As mentioned earlier, the closings that took place on March 6th and February 24th at Brickell Flatiron and Paramount Miami Worldcenter, respectively, already show up in public records.
In numerical order, here are the 45 units at One Thousand Museum that have closed and been recorded as of March 19, 2020. Those 45 units are comprised of 1 duplex townhouse, 40 half-floor residences, and 4 full-floor penthouses. That means that the remaining developer inventory at One Thousand Museum is comprised of 3 duplex townhouses, 30 half-floor residences, and 6 full-floor penthouses.
Video Tour of a Completed Unit at Brickell Flatiron
With less than two months from top-off and ten months from delivery, the developer of Brickell Flatiron has released an HD video tour of a completed unit at Brickell Flatiron. The video highlights the finishes that will be delivered to unit owners when closing begins in August. The units at Brickell Flatiron will be delivered furniture-ready with premium Italian porcelain tiled flooring throughout the residence and terrace. The video is of unit 1902 – a 3 bedroom, 3.5 bathroom residence located on the southwest corner of the building. Brickell Flatiron is now 85 percent sold.
Yesterday afternoon, I visited the Brickell Flatiron sales office with some clients. We met with in-house sales rep Chris Suarez, who gave a wonderful presentation. Given Ugo Colombo’s solid reputation, we were of course very impressed with the finishes in the showroom. It is nice to see that the finished units will look just as spectacular!
Hyde Midtown Prepares To Open Its Doors
We’re going to take a short break from our Art Basel Trophy Property series today to share some very exciting news. Don’t worry, we’ll still bring a trophy property as well, but this is too exciting to not share. Hyde Midtown is preparing to open this month!
According to a Facebook post by Carlos Rosso, Related Group’s President of the Condo Division, the new development is slated to open in just four weeks. This would keep them right on track with the estimated opening date of Winter 2017/2018. He shared these photo previews of the lobby area, and mentioned to us privately that the hotel portion should be ready to start taking reservations in about 60 days.
The Midtown Miami project is currently 90% sold with prices starting in the low-mid $400,000’s.
Inside Biscayne Beach
Today is the day! Biscayne Beach is officially open! They received their TCO on April 21, so were able to begin closings today. Here is a sneak peek from our tour as well as from the developer representative’s social media posts. How do you think it turned out?
The lobby.
The pool.
The Biscayne Beach Club.
There are 13 poolside cabanas.
The kitchens.
I was really impressed with these super hight floor-ceiling windows.
The units are being delivered decorator-ready, so the new owners can now choose their finishes.
