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.
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.
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!
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.
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:
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.
Below is the latest promo video for One Thousand Museum:
Below is the latest e-brochure for One Thousand Museum:
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?
To those not in the know, The Wall Street Journal article last week regarding One Thousand Museum helped to shed a lot of light on the closely guarded ultra-luxury pre-construction development before its formal unveiling later this month. Although an image taken from a cell phone of the proposed residential high-rise had recently surfaced, the renderings which accompanied the article were the first to be made public by way of the developer.
The Wall Street Journal article is a great read, and I highly recommend it, but for those who like to get right to the point, here’s a quick rundown of what was shared regarding One Thousand Museum in the article:
By the way, you can view the renderings which accompanied the article on my One Thousand Museum condos page. Check them out there!
Additional information regarding One Thousand Museum has recently come to light. My hunch was correct. The co-developers, Gregg Covin and Louis Birdman, are out to target the uber-rich with this development. Prices will range from $4M to $12M for half-floor and full-floor residences. The pricing for the duplex penthouse has not yet been revealed but will likely crush the record for a non-oceanfront condominium residence in South Florida which, if I’m not mistaken, was set in March 2007 when the 9,000 square foot penthouse at Bristol Tower was purchased by Pharrell Williams for $13.95M. That same penthouse, by the way, is currently on the market for $13,999,000. I will not be surprised in the least bit if the duplex penthouse at 1000 Museum gets priced at $20M or even $25M. Things are about to get exciting for the Downtown Miami condo market!
1000 Museum will be erected at 1000 Biscayne Boulevard, the current the site of a BP gas station. It will reside just south of Ten Museum Park which was developed by Gregg Covin and completed in 2007. The footprint of the site is not much different than Ten Museum Park so I expect to see half-floor residences start at around 4,000-4,500 square feet. One would assume that full-floor residences would be double that but I can’t be too sure. Zaha Hadid is known for using elegant curves in her work so who knows what we will see. Actually, I take that back. Who knows what I will see. The South Florida Business Journal mentioned in an article yesterday that “the first images of Zaha Hadid’s architectural design for the newly named One Thousand Museum are expected in late March”. That tells me one thing: that the public will have to wait about a month after VIP real estate brokers and agents, like myself, are expected to see the long-awaited designs. Sorry folks! Move along, move along. There will be no show here today, or this week for that matter. The general public is likely going to have to wait. I, along with the other brokers and agents in the room, will likely be asked not to disclose publicly any renderings of the development. They won’t be the first to do so and this is not uncommon when dealing with high-profile developments in this price range. In fact, I was asked two days ago by two other development sales offices to refrain from posting any renderings on my website for the time being. Perfectly understandable in my book.
Obviously, not everyone will have to wait to see the new designs. Certain brokers and agents are given a sneak peek for a reason. Our job is to spread the word to our high-profile clients and others who might have the means to afford an ultra-luxury residence in this price range. If you have a sincere and legitimate interest in learning more about 1000 Museum, contact me Friday afternoon. Be prepared to prove it though. Buyers will likely be asked to fork over a quarter of a million dollars just to reserve the smallest unit at 1000 Museum. I’m expecting to see a design that is truly spectacular – the likes of which South Florida has never seen.
