Stunning Industrial Chic Loft Near Downtown Lists For $4.95 Million
Are you the type who likes to regularly hold parties for 200 of your closest friends? If so, this is the loft for you! The industrial-chic masterpiece with 22 foot high ceilings, exposed brick walls, dark oak hardwood floors and skyline views near Downtown Miami just hit the market for $4.95 million.
With over 7,100 interior square feet, top of the line open kitchen by Thurston Kitchen Design from Aspen with huge island/bar, Subzero fridge, TWO large wine coolers, double Wolfe ovens and separate living quarters, this loft is fit for a celebrity or an avid art collector. The space is a combination of units 501 and 402 in the 6 story Parc Lofts near the Art District and Downtown Miami and has been completely outfitted for a fabulous entertainer.
The seller is being represented by our very own Dora Puig, and we can’t stop crushing on the photos! What do you think?
Site Work Underway; VĪb Miami to Break Ground This Month
It appears that phase one of Richard Meruelo’s mixed-use development, to be located at the intersection of NE 2nd Ave and NE 17th Street in Miami’s Arts + Entertainment District, is moving forward as planned. While out showing properties this past Friday at 1800 Club, I spotted from a distance trucks clearing off the land to his 7.3 acre site.
As reported earlier this year, phase one of Meruelo’s project is to include a 10-story, 200-room hotel called Vīb – a new boutique hotel brand by Best Western. Groundbreaking for the hotel is expected to take place this month with completion slated for November or December of next year.
Meruelo’s site is zoned for up to 3 million square feet. Future phases are expected to include residential units, restaurants, retail, and nightlife – all of which will be welcomed additions to the neighborhood.
Showroom-quality Industrial Loft at Parc Lofts – Asking $539,900
It is with great pleasure that I introduce my newest listing – unit 503 at Parc Lofts – a fully furnished, showroom-quality 1 bedroom, 1.5 bath bi-level loft with soaring, 20-foot ceilings and 1,109 interior square feet. No expense spared. Over $150,000 spent in upgrades, furniture, lighting, and renovations. Incredible attention to detail. Master and half baths both completely renovated. Master bath features a steam shower with rainfall shower head and side body jets. The entire residence has been elegantly designed and furnished. A true work of art!
Additional features include: a Samsung 4-door refrigerator, Fisher & Paykel DishDrawer dishwasher, Bosch front-loading washer, Bosch front-loading dryer/steam dryer, tankless water heater, and more. A hydraulic lift to park a second vehicle also comes included.
Asking $539,900 – a fabulous opportunity for the uncompromising buyer in search of the finest of industrial lofts in Miami. Unit 603, the exact same floor plan but without ANY upgrades, sold unfurnished last year for $420,000.
Parc Lofts – just minutes from Downtown Miami, Edgewater, Wynwood, and Midtown Miami – is located at 1749 NE Miami Ct in the neighborhood known as the Arts + Entertainment District and catty-corner from the preconstruction condo development called Canvas, which has been selling at an average of $475 per square foot.
For questions and/or requests to view the property, please contact me via email at [email protected] or by phone at 786-247-6332.
The Emergence of the Arts + Entertainment District
As if out of thin air, a new neighborhood has emerged in Miami – the Arts + Entertainment District – an area located north of Park West, south of Wynwood, and west of Edgewater. When I first heard of the newly coined neighborhood, my first thought was, “That’s silly; you can’t just create a neighborhood out of thin air.” But that’s exactly what NR Investments did, and their PR firm is doing a helluva job in making the name stick. It’s a gutsy play, but one that could pay big dividends for NR Investments if things go according to plan.
See, NR Investments has a sizable stake in the area. Not only do they own Filling Stations Lofts – the 81-unit rental development located at 1657 North Miami Avenue – they also own a one-acre parcel located between Northeast 14th and 15th Streets, with plans to one day develop a mixed-use project on that site.
Most notably, NR Investments is the developer behind the 37-story, preconstruction condo development called Canvas, located at 1630 Northeast 1st Avenue. In October 2013, they acquired Canvas’ 1.1-acre site at a bankruptcy auction for $7.2M. Last October – just one year later – NR Investments dubbed the area the Arts + Entertainment District, and kicked-off its launch with a community event featuring free food, coffee, and WiFi. But they didn’t stop there. Since then, weekly events have been held at Filling Station Lofts or their Canvas sales location. These events have included such offerings as live music, yoga classes, food and drinks, a social media workshop, and, most recently, a risque circus show featuring aerial acrobatics – all free to community participants.
NR Investments has taken the “if you build it, they will come” approach, with “it” being community and “they” being residents, who, in turn, it is presumed, would attract the interest of buyers both near and far. The Arts + Entertainment District even has its own website, and the awareness that is brought to the area via its social media channels is on point (again, hat tip to the PR firm). Their commitment to the neighborhood shines through in the content that is produced and published. To see what I mean, follow them on Twitter and Instragram.
But NR Investments is no longer the only major player with a vested interest in seeing this emerging neighborhood succeed. This past January, Rebuild Miami-Edgewater, LLC purchased, for $64M, the 7.35-acre lot located directly north of Canvas and east of Parc Lofts at the corner of Northeast 2nd Avenue and Northeast 17th Street. The site, which is to include hotel, retail, and residential components, is zoned for up to 3 million square feet. Just last week, it was announced that a boutique, 200-room hotel called Vīb will setup shop there, with groundbreaking to occur this November.
In and of itself, news of the 7.35-acre lot finally being developed is huge. In 2005, when closings for units at Parc Lofts began, I remember there being talk of development plans that were all but inevitable for that site. It was to be a big-box retail center called Bayview Market. But, alas, it never happened. The plan got scrapped, and the land sat empty for all these years.
Marketing ploy or not, it appears that NR Investments’ plan is working. With prices averaging $475 per square foot, 40 percent of Canvas’ 513 total units have already been reserved – and that’s saying something. What NR Investments has done with the neighborhood in such a short amount of time is, quite simply, incredible. Creating community is no easy task. In fact, it’s a huge undertaking, one that requires commitment, consistency, and patience. Thus far, they’ve done a spectacular job in bringing residents together and providing an identity to an area of Miami that had been lacking. Undoubtedly, this is an exciting time for this emerging neighborhood. In the coming year, it will be interesting to see the type of capital this area is able to attract from other developers and/or investment groups.
Filling Stations Lofts to Open Q1 2014
The opening of Filling Station Lofts is right around the corner. I was told earlier today that the building is expected to open as early as February, but a March opening is more likely. Filling Station Lofts, located catty-corner from Parc Lofts at 1650 North Miami Avenue, was originally developed by The Intrepid Real Estate Company and designed by Bermello, Ajamil & Partners. After the successful sell-out of Parc Lofts, Intrepid hoped to ride the wave with its follow-up launch of Filling Station Lofts. Unit prices ranged from $300,000 to $2.7M. Development began in 2006 but construction was later stalled as a result of the global financial crisis. Intrepid eventually lost the site and partially completed building to foreclosure in January 2012. A little over a year later, in February 2013, the site and partially completed building were acquired by an investment company by the name of NR Investments. Since that time, with $15.5M in financing under their belt, NR Investments has been busy completing the once stalled project.
Under new ownership, however, plans for Filling Station Lofts have changed. Units will no longer be sold individually. Instead, the owners will lease the units and maintain the building as an all-rental development. I expect there to be great interest from prospective tenants to rent at Filling Station Lofts due to the uniqueness of the property. Besides Parc Lofts and Wynwood Lofts, you will not find another true industrial loft development in Miami. The fact that not one single unit is available for rent at Parc Lofts or Wynwood Lofts should serve as evidence that there is pent up demand for this type of product. As mentioned in a previous blog post, there is currently a waiting list to rent at Parc Lofts.
Filling Station Lofts will be comprised of 81 industrial lofts each with 18-foot ceilings. No word yet on what rental prices will be but expect them to be released sometime in January.
Parc Lofts Unit 409 – $275,000
Last week, I landed a beautiful listing at Parc Lofts. There is no doubt in my mind that this one is going to sell fast. Not only is it the best priced loft in the building, it is currently the only one priced under $300,000. The unit is an impeccably designed 1 bedroom/1 bath industrial loft with 15-foot ceilings, exposed ductwork and hard wood flooring throughout. It features an open floor plan with 757 interior square feet; upgraded lighting, a spacious closet with built-ins; and upgraded refrigerator, dishwasher and LG front-loading washer and dryer. The kitchen has polished concrete counter tops, white tiled backsplash, Italian cabinetry and stainless steel appliances. The unit includes one assigned parking space located on the ground level. Asking $275,000.
For those unfamiliar, Parc Lofts is a 72-unit industrial loft building located in the Arts District of Miami at 1749 NE Miami Ct, Miami, FL 33132. You won’t find anything like it in Miami. The building is a favorite amongst photographers, musicians and other artistic types in the area. For investors who might have an interest, you will be happy to know that units at Parc Lofts are in high demand from renters. In fact, at this time, not one single unit in the building is available for rent. There is a waiting list of renters looking to get into the building. In my opinion, this unit would rent easily for $1,800 per month unfurnished. Condominium association dues are $419.51 per month. You would be looking at around a 4.4% cap before management fees.
Below you will find more pictures of unit 409 at Parc Lofts. Please contact me if you or someone you know has an interest in learning more about this property. I can be reached on my cell at 786-247-6332 or via email at [email protected].
3,078 Square Foot, Industrial Loft Available For Rent at Parc Lofts
Industrial lofts are extremely rare to find in Miami. Unlike major metropolitan cities in the North such as Chicago and New York City, Miami did not participate in the Industrial Revolution. Miami, therefore, did not have, for the most part, the abandoned warehouses and other industrial buildings which could later be converted into large, open lofts for residential or live/work use. Miami has had to rely on developers to bring the industrial loft concept to our city and construct it from ground up. Parc Lofts, located at 1749 NE Miami Ct in the Arts District of Miami, is one such developments. With loft sizes that reach an amazing 5,436 square feet, Parc Lofts was built with SIZE in mind. The development has only 72 total units, many of which are occupied by small businesses utilizing these lofts for live/work purposes.
With all that being said, unit 604 is currently available for rent at Parc Lofts. The bi-level loft has 3,078 square feet of interior space, 20-foot ceilings, 2 full baths, washer/dryer, a balcony spanning the length of the unit and comes with 2 assigned parking spaces. The asking price is only $3,950 per month. I dare you to find a space of this size in Greater Downtown Miami for less than $1.28 per square foot, especially one that will accommodate live/work situations. Parc Lofts also has a pool, hot tub and fitness center.
For those interested, please call me at 786-247-6332 or email me at [email protected].
Parc Lofts Foreclosure – $132,000
A 1,169 square foot foreclosure hit the market yesterday at Parc Lofts. The bi-level loft has 20-foot ceilings, concrete floors and exposed piping and ductwork. The unit comes equipped with stainless steel appliances, a stackable washer/dryer, one assigned parking space and a balcony. The asking price is $132,000, or $113 per square foot. The area immediately surrounding Parc Lofts is far from appealing but the unique spaces have drawn the keen interest of artists, photographers, videographers and video editors. The spaces at Parc Lofts are unlike anything you’ll find in Miami and many would say are the only true lofts in town.
For those investors looking to crunch the numbers, the HOA fee is $657 per month. Taxes are approximately 2 percent of the assessed value. I would use $250 per month as an estimate. The unit would rent for $1700 per month. Conservatively, $1600 per month which comes out to a 6.3 percent cap rate. Try finding that elsewhere in Miami. Contact us at 305-428-3860 if you would like more information about this foreclosure at Parc Lofts or if you would like to schedule an appointment to view it.
Top 5 Distressed Condo Sales Closed in January 2010
Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.
- Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010. Short Sale
- Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010. Foreclosure
- Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010. Foreclosure
- The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
- Solaris at Brickell #806 – 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010. Foreclosure
Top 5 Miami Distressed Condo Sales Closed in February 2009
Below, you will find what I believe to be the five best condo deals of the 26 distressed sales that closed in the month of February in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.
- The Club at Brickell Bay – unit 2214 – 1 bedroom/1 bath (818 square feet) – This unit sold for $100,000, or $122 per square foot, on February 20, 2009. Short Sale
- Skyline on Brickell – unit 1911 – 1 bedroom/1 bath (791 square feet) – This unit sold for $155,000, or $196 per square foot, on February 20, 2009. Foreclosure
- Emerald at Brickell – unit 1205 – 2 bedroom/2.5 bath (1,264 square feet) – This unit sold for $267,000, or $211 per square foot, on February 5, 2009. Foreclosure
- Jade at Brickell Bay – unit 4507 – 3 bedroom/3 bath (2,130 square feet) – This unit sold for $869,900, or $408 per square foot, on February 6, 2009. Foreclosure
- Parc Lofts – unit 207 – 1 bedroom/1 bath (1,267 square feet) – This unit sold for $210,000, or $166 per square foot, on February 24, 2009. Short Sale
Unit 2214 at The Club at Brickell Bay sold for $100,000. It’s worth mentioning that this is the lowest that a 1 bedroom (and even studio) has ever sold for in the building through the MLS. It also works out to be the lowest price per square foot. At the time of contract, the condo was listed for $149,222.
