Kukaramakara Moving into Revolving Door Retail Space at 900 Biscayne
Kukaramakara. Photo by Lucas Lechuga
The ground-floor retail/restaurant space at 900 Biscayne Bay has had a series of tenants sine the building’s completion in 2008. but will the building’s latest entree be the right fit? Kukaramakara, a live band venue just opened over the past weekend. Up until 2 or 3 weeks ago, the space was occupied by Libar Steakhouse, before that Doma Polo Bistro, and before that another place, which, if we remember correctly, was an Argentinian restaurant. Meanwhile the space itself was put on the market for sale earlier this year.
The space is a great example of the amount of retail turnover on this stretch of Biscayne Boulevard, the so-called Biscayne Boulevard wall. The Marquis had a hotel, and now it’s about to have another hotel. 888 Biscayne Boulevard/Marina Blue is getting a CVS in their corner space. The ground floor retail space at Ten Museum Park has never had tenant. And soon One Thousand Museum will be adding more retail square footage to the row. With new construction happening nearby, a neighborhood in transition, and lots of traffic along Biscayne Boulevard, when will the stretch reach some stability?
One Thousand Museum Bulldozes Through 50 Percent Under Contract Mark
When it comes to sales as of late, One Thousand Museum has been kicking ass and taking names. While attending a VIP dinner event held at the One Thousand Museum sales gallery last Thursday, I learned that over 50 percent of the units at One Thousand Museum are now under contract. And I’m talking hard contracts here, each with deposits received and past their 15-day rescission period. From what I heard that night, sales had hovered around the 30 percent mark for a while but then, in the weeks following Art Basel and the developer’s brilliantly timed groundbreaking ceremony, it has been full speed ahead with no signs of slowing. Currently, the entry point to get in at One Thousand Museum is slightly over $5.5M, or $1,200 per square foot – although that may have changed since Thursday given that I learned yesterday that two new contracts were signed on Saturday. No word yet, however, as to which two units those might be. 50 percent under contract at this point is big news in and of itself, but what really blew my mind last Thursday night is that the developer already has six of the total eight full-floor residences under contract. The two remaining full-floor residences are priced slightly under $17.5M and $20M. With each having just under 10,000 interior square feet, those work out to be a little more than $1,750 and $2,000 per square foot respectively. That’s right folks, take a moment to process that small yet impactful piece of information and realize its significance, not only just for One Thousand Museum, but also for the Downtown Miami real estate market as a whole.
Since the beginning, I’ve been a huge believer in One Thousand Museum. It is great to see that buyers are finally starting to see One Thousand Museum for what it will one day become – a trophy property that will be revered by people from all over the world. Early last year, Wealth-X – “the world’s leading ultra high net worth (UHNW) intelligence and prospecting firm” – compiled and published their top ten list of Billionaire Skyscraper Homes. Coming in at the number nine spot was One Thousand Museum. As you will see below, One Thousand Museum finds itself in very good company, not surprising given the fact that the tower was designed by one of the most prolific architects ever – Zaha Hadid.
One Hyde Park (London) – Average Price Per Square Foot: US$9,906
432 Park Avenue (New York City) – Average Price Per Square Foot: US$6,742
One57 (New York City) – Average Price Per Square Foot: US$6,000
South Bank Tower (London) – Average Price Per Square Foot: US$3,300
Tour Odéon (Monaco) – Average Price Per Square Foot: US$8,900
Opus Hong Kong (Hong Kong) – Average Price Per Square Foot: US$10,740
56 Leonard (New York City) – Average Price Per Square Foot: US$6,000
Clermont Residences (Singapore) – Average Price Per Square Foot: US$2,360
One Thousand Museum (Miami) – Average Price Per Square Foot: US$1,100
One Madison (New York City) – Average Price Per Square Foot: US$5,000
For those who are unfamiliar with One Thousand Museum, be sure to watch the promo video below to see for yourself just how spectacular the luxury tower will look once completed. It will forever change the Miami skyline for the better and help catapult the city’s real estate market to even greater prominence around the world.
Below are two recently released renderings for One Thousand Museum along with a few shots of the development’s hologram box and a photo taken of the Luxe Living Realty agents who attended last Thursday’s exclusive dinner event. That night, Luxe Living Realty agents (myself included) were formally named sales ambassadors for the project, which, among other things, provides us with 24/7 access to the One Thousand Museum sales gallery. Yes, that means that if you have $49M burning a hole in your pocket, and feel compelled to schedule a 3am appointment to visit the sales center and write-up a contract for the full-floor, duplex penthouse, I would be able to accommodate you. I realize that the jet lag from those long, transoceanic flights can be horrible.
If you have any questions about One Thousand Museum and/or would like to learn more about pricing and availability, please call me on my cell phone at 786-247-6332 or contact me via email at [email protected].
One Thousand Museum Groundbreaking Ceremony Set for Tomorrow at 11:30am
While out for a stroll earlier this morning, I noticed that signage marking the parameter of the One Thousand Museum site was up and ready to go for tomorrow’s groundbreaking ceremony. The ceremony will run from 11:30am to 1:30pm and present, as the guest of honor, will be Zaha Hadid herself.
Progress Marches on in Downtown Miami
These days, it seems as though changes in Downtown Miami are happening overnight. In some cases, they do. While out walking my dogs tonight, I noticed two significant changes that I hadn’t noticed just the night before. (1) The Downtown Miami Pawn Shop has been obliterated. In fact, with the exception of some support beams and small overhang from what remains of the gas station, the development site of One Thousand Museum is free of all standing structures. (2) Miami Worldcenter banners are now wrapped around various fenced off lots marking the parameter of the development site for The Mall at Miami Worldcenter. One of the images on the banner shows a rendering of the upcoming Paramount Miami Worldcenter which is slated to break ground in the second quarter of 2015. It is a very exciting time for this burgeoning neighborhood. Three years from now, in many respects, Downtown Miami will be unrecognizable.
Demolition of the BP Gas Station in Downtown Miami – [VIDEO]
As mentioned in my previous post entitled “Gas Station Closes; One Thousand Museum is One Step Closer“, the BP gas station located at 1000 Biscayne Boulevard in Downtown Miami has closed up shop to pave way for the start of construction of One Thousand Museum – an ultra-luxury residential condo development designed by world-renowned architect Zaha Hadid. Yesterday afternoon, I was able to get some great footage of the demolition that was well underway by that point. The footage provides three points of view of the action. As you will see, the underground fuel tanks had already been removed and were being crushed like aluminum cans by the bulldozer. Fun times!
Gas Station Closes; One Thousand Museum is One Step Closer
Miami is one step closer to being graced with her presence. One Thousand Museum has checked off yet another milestone on its roadway to fruition. The BP gas station, located at the corner of 10th Street & Biscayne Boulevard, is now officially closed. Earlier this morning, while out for a walk, I noticed the parameter of the gas station had been taped off and spotted workers who were in the process of dismantling gas station fixtures.
Keep in mind that prior to development commencing, the remediation process must be completed. I have no idea as to how long that process normally takes but was told a few months ago that construction was guaranteed to begin by the end of this year.
For those unfamiliar, One Thousand Museum is a 62-story architectural masterpiece designed by world-renowned architect Zaha Hadid. The ultra-luxury tower will have just 83 museum-quality residences, comprised of 4 duplex townhouses, 70 half-floor units, 8 full-floor penthouses, and 1 double-story/full floor penthouse. Floor plans range from 4,500 to 15,000 interior square feet and prices range from $5.2M to $45M.
One Thousand Museum – The Best Bargain in Town
There isn’t a preconstruction condo development in town that I’m more excited about than One Thousand Museum. It will be more than a building. It will be a work of art. A work of art that I feel has tremendous upside potential. Critics cry foul at the $900-$1,200 per square foot prices. I cry bargain. In my opinion, there isn’t a better bargain in town.
Keep in mind that critics cried foul when prices at Apogee South Beach pushed $1,000 per square foot. They thought it was ungodly. Just four years later, prices there are now over twice that amount. Also keep in mind that units at Apogee South Beach were delivered decorator-ready while units at One Thousand Museum will be delivered move-in ready complete with ultra-luxe design finishes.
Still, naysayers point to the fact that One Thousand Museum is across the bay. They feel that condos on that side of the water won’t see prices push $1,000 per square foot anytime soon. At least, not by 2016 when One Thousand Museum is slated for completion. I’m here to tell you that prices across the causeway have already eclipsed the $1,000 per square foot mark. Epic Residences and Paramount Bay have both had units trade for over $1,000 per square foot. One Thousand Museum will be in an entirely different league. There’s no comparison. It will be unlike anything South Florida has ever seen. And that’s without taking into account the upside potential for the neighborhood as a result of Miami Worldcenter – a 27-acre mixed-use development which will be located directly behind One Thousand Museum. Completion for Miami Worldcenter is estimated for the end of 2016, just as the first residents of One Thousand Museum move into the building.
To learn more about One Thousand Museum, I highly suggest that you watch the sales presentation below. I captured it recently while wearing Google Glass.
One Thousand Museum sales presentation:
A quick look at the One Thousand Museum floor plans:
One Thousand Museum model kitchen:
Updated Video and Brochure for One Thousand Museum
For those of you who have not had a chance to check out the latest promo video for One Thousand Museum, go check it out now. It is pretty spectacular. I believe the video has been around since last month but it wasn’t until earlier this week that I actually sat down and watched it in its entirety. The video not only does an outstanding job of showcasing the amazing design of the building and jaw-dropping views, it also highlights the promise of what is to come for Miami – more specifically, for Downtown Miami. It is this promise, and the excitement that surrounds it, that will inevitably propel real estate values in Miami past those last seen at height of the market in early 2007. With Museum Park set for completion in 2015, the ever-impending formal announcement of Miami Worldcenter, and the recently proposed Skyrise Miami, there is a lot to be excited about in Downtown Miami.
Preconstruction Sales for 600 and 700 Biscayne Blvd to Launch Soon?
While driving through Downtown Miami earlier this week, I noticed a number of signs at each corner of the sites for 600 and 700 Biscayne Boulevard. The signs say “Another Luxury Development by Chateau Group”. A telephone number is also included. Despite a number of calls, however, I have yet to obtain any additional information. Just assurances that a sales person would contact me soon. The lots are located immediately south of Marina Blue and just north of the Freedom Tower. I have heard rumors for months that pricing will range from $600-$800 per square foot for non-penthouse units at each of the two developments but I’m sure at this point not even the developer knows for certain. It will be an interesting addition to the array of preconstruction condo developments that have been announced for Miami within the past year. With the exception of One Thousand Museum, no other luxury condo developments have been announced for Downtown Miami. The vast majority of them are located in Brickell or Edgewater.
Update: I just saw the exact same Chateau Group sign at the entrance of Gulfstream Park in Hallandale Beach. There’s a a large lot at the intersection of NE 10 Ave and Hallendale Beach Blvd. Is Chateau Group planning to build a luxury condominium development at that location as well?
