Amara at Paraiso Building Listed For Sale – Asking $20,000,000

According to various commercial real estate websites, the freestanding, waterfront building located at 3101 NE 7th Avenue, which houses the Amara at Paraiso restaurant by Chef Michael Schwartz, has been listed for sale for $20,000,000. The sale would include a lease transfer with Amara at Paraiso in place as the tenant. The prospectus for the sale of the property states that Amara at Paraiso has a 10-year lease in place with three options to renew their contract. The restaurant includes 6,445 square feet (4,513 interior square feet + 1,932 exterior square feet), seating for 209 people, boat access, and 24 valet parking spaces.

The two-story building also has a rooftop component called Paraiso Beach Club, and the sale of the property would include income generated from it. According to the prospectus, each unit owner of the four Paraiso condo towers (Gran Paraiso, One Paraiso, Paraiso Bay, and Paraiso Bayviews) is paying $750 per year in membership dues to the owner of the Paraiso Beach Club for the right to use it. This arrangement generates membership income totaling over $1,000,000 per year. The Paraiso Beach Club rooftop is 5,871 square feet (2,794 interior square feet + 3,077 exterior square feet) and has seating for 158 people.

Combined, the rent income plus membership dues generate an annual income of $1,633,750 (an 8.17 percent cap rate) according to the investment prospectus.

A First Look at One Paraiso in Edgewater Miami

Three down, one to go! One Paraiso recently became the third of four towers in the Paraiso District to be completed by Related Group. Closings started at the beginning of last month. As of September 14th, when I toured One Paraiso with my photographer, the development had already closed well over 200 of its 279 total units. Gran Paraiso, which will be the fourth and final tower to be completed in the Paraiso District is expected to begin closings next month.

The common area spaces at One Paraiso, which were designed by famed interior designer Piero Lissoni, are impressive, to say the least. Known for his elegant and contemporary style, Lissoni uses minimalist design to create large, interconnected spaces using Earth tones to compliment and pull in the beautiful views from outside the building’s floor-to-ceiling glass windows. If there’s one reoccurring, consistent theme throughout One Paraiso, it is its VIEWS. As you will see in the photos below, from pretty much any common areas space in the building, you can see Biscayne Bay. Even the lobby at One Paraiso offers direct views of the water. And while that may not seem so unique or out of the ordinary, try to name at least two other condo developments in Miami that offer water views from its lobby (I can only name one other).

And when it comes to amenities, One Paraiso delivers in spades. The developer included a wide array of high-quality amenities, such as a ground-floor pool, poolside cabanas, and Jacuzzi; 10th-floor party room, business center, wine tasting salon, library, theater, and children’s playroom; 11th-floor fitness center and spa with plunge pool, saunas, steam rooms, and massage rooms; and sunset amenities deck with two additional pools, infinity-edge Jacuzzi, poolside cabanas, BBQ area, and tennis center with two lighted courts. (That’s a total of three pools to accommodate just 279 residences!!!) The tennis center, which was still a work in progress when I visited, is expected to be completed within the next month.

Each and every unit at One Paraiso offers a direct view of the water. The building’s 279 condo residences are comprised of one-, two-, and three-bedroom floor plans plus penthouses. The non-penthouse residences have 9-foot high ceilings while the penthouse residences have 10-foot high ceilings. The developer is completely sold out of inventory for One Paraiso, but a number of resales have hit the market in recent weeks. As of the writing, there are 23 units listed for sale ranging in price from $708 to $1,260 per square foot and 27 units listed for rent ranging in price from $2.41 to $4.24 per square foot.

One Paraiso Condos For Sale

One Paraiso Condos For Rent

Although no developer inventory remains for One Paraiso, there are a number of excellent options (including penthouses) that still remain at Gran Paraiso. Contact me for details!

Gran Paraiso Construction Video Showcases Jaw-dropping Views from Paraiso District

Construction of Related’s Paraiso District is in the home stretch. Along with Amara at Paraiso – a Michael Schwartz restaurant which opened last week along Biscayne Bay – Paraiso District is comprised of four luxury, high-rise towers, each scheduled to open later this year: Paraiso Bay, which is nearly finished with delivery expected this quarter; One Paraiso – expected to begin closings in Spring of this year; Paraiso Bayviews – expected to begin delivering units this Summer; and Gran Paraiso, which is very close to topping off and is aiming to begin closings this Fall.

The drone video below showcases the jaw-dropping views that one can expect from the condos at Paraiso District:

Paraiso Bay is completely sold out; all that remains at One Paraiso is a single penthouse which is asking $2.1M; Paraiso Bayviews has limited inventory starting at $579K; and Gran Paraiso has 1 to 4 bedroom options available starting at $800K.

One Paraiso Has Topped Off; Paraiso District Construction & Sales Update

The third tower in the 10 acre Paraiso District has topped off. One Paraiso reached its final height of 53 floors this week leaving only GranParaiso in the vertical construction phase. Here is the latest on the project:

One Paraiso – The building has topped off and interior finish out is underway. Only two residences remain, a 3 bedroom and a penthouse. Closings are set to begin later in the year.

BayHomes – Interior finish-out and landscaping are underway and sidewalks are being poured. Closings will begin this summer and prices start at $1.9 million.

Paraiso Bay – This was the first tower to top-off. Interior finish-out is underway and closings are set to begin this summer. There are no purchase opportunities at this time.

Paraiso Bayviews – The most affordable tower in the district topped off in April and is set for opening at the end of the year. Remaining apartments start at $599,000.

GranParaiso – If you want A-Rod to be your neighbor, you should buy here. They have reached the 41st level of vertical construction and are set to open in the Spring 2018. Prices start at $968,000.

Paraiso Construction & Sales Update

The folks over at Plaza Construction have been hard at work over the last few months, making big progress on the Paraiso Complex in Edgewater that is made up of Paraiso Bay, GranParaiso, One Paraiso, Paraiso Bayviews, Paraiso Bayhomes and the Paraiso Beach Club. That’s a lot of Paraisos! Here is how they are coming along, followed by construction photos:

• Paraiso Bay is currently sold out. It has topped off and is now being finished out. They are scheduled to start closings in the early Summer 2017.
• One Paraiso has reached the 37th floor of the 53 story tower. There are a handful of penthouses remaining, priced between $2 million – $3.5 million.
• Paraiso Bayviews has reached the 33rd floor with 10 to go until topoff at 43 stories. This is the least expensive of the towers and Related Group is currently near close-out on the inventory. The last remaining opportunities range from $600k for a 1,460 square foot 2 bedroom/2 bath up to $1.6 million for a 2,522 square foot upper penthouse with 4 bedrooms and 4.5 baths.
• GranParaiso is the last of the 4 large towers to be completed. It has reached the 22nd floor and will top off at 53 stories. The last opportunities in this tower range from an $800k 1 bedroom, 2 bath with 1,000 square feet up to $3.2 million for a 3,200 square foot upper penthouse with 4 bedrooms and 4.5 baths.
• The Paraiso Bayhomes are a small enclave of townhome-style units along the base of the project. These are 4 stories tall and feel more like a single-family home than a condo. There are only 2 remaining of the 8 that are under construction. They are available at $2 million apiece. One has 3 bedrooms and the other has 4 bedrooms. They have topped out already and are receiving their glass panels.
• The Paraiso Beach Club is a shared amenity for the four towers and Bayhomes. It is set to open alongside Paraiso Bay this summer and will feature a restaurant by Michael Schwartz as well as boat slips for the residents to enjoy. Update: The restaurant is called Amara at Paraiso.
  Have a look at the photos here:
  

  Paraiso Sales Gallery

  

  Paraiso Beach Club – Paraiso Bay

  

  Paraiso Beach Club

  

  Paraiso Bayviews West Facade

  

  Paraiso Bayviews West

  

  Paraiso Bayviews & Paraiso Bay

  

  Paraiso Bayviews Lower Levels

  

  Paraiso Bayviews Construction Progress

  

  Paraiso Bayviews and OneParaiso

  

  Paraiso Bayviews

  

  Paraiso Bayhomes Construction Progress

  

  Paraiso Bayhomes and Gran Paraiso

  

  Paraiso Bayhomes

  

  Paraiso Bay Condos

  

  Paraiso Bay and Gran Paraiso

  

  Paraiso Bay

  

  One Paraiso Facade

  

  One Paraiso Facade

  

  One Paraiso

  

  One Paraiso

  

  Gran Paraiso

  

  Gran Paraiso

   

Checking in on Construction at Paraiso, Related’s Colossal Condo ‘Paradise’

Paraiso Bay

Since the last time we got a good look at the Related Group’s quartet of ‘Paraiso’ condo towers in Edgewater a month ago, construction has continued full steam ahead, with all four towers and that massive bay-facing amenity deck taking shape around the ever present prefab sales center on the bay. Christian Tupper, Related sales manager, shared another round of construction shots showing the progress made. Check out the photos, after the jump.

Paraiso Construction is Going Absolutely Full Throttle

Looking at ONEParaiso. Photos by Christian Tupper, Related Group Sales Manager.

Now that they moved that sales center out of the way and the Paraiso Beach Club is underway, construction at the Related Group’s Paraiso community in Edgewater is going like gangbusters, with work ongoing at every element of the project except for  the public park. That’s were the sales center is located. Christian Tupper, a sales manager for Related, updated us on the construction progress of each element of Paraiso as well as the remaining availability.

PARAISO BAY (sold out): construction currently on the 53rd floor.

ONE PARAISO (2 Penthouse units available): construction currently on the 10th floor.

Paraiso BAYVIEWS (2 Bedrooms from $580K and Penthouses avaialable): construction currently on the 10th floor.

BAY HOMES (Liner units below the Paraiso Bay and Gran Paraiso amenity deck. 5 units available): construction currently on the 4th floor.

GRAN PARAISO (1,2,3,4 Bedroom & Penthouses Available): construction currently on the 4th floor.