The groundbreaking for the long-awaited Aria Reserve in Edgewater has finally been scheduled. With the announcement of the groundbreaking also comes the announcement of sales launching for the second tower.
Aria Reserve will rise 62 stories tall reaching 627 feet, making it the tallest dual waterfront residential development in the United States. The project will feature two towers, each with 390 units and 1,608 parking spaces.
Sales for Aria began in June 2021 for South Tower and since the launch, its sales have been very successful. According to the Melo Group, over $40 million of all 12 penthouses have sold within the first 90 days of the launch. Now more than 90% of the units have sold with a total sales of over $600 million.
Construction deposits include a 30% deposit for all U.S. buyers and a 40% deposit for all international buyers. According to the developer, more U.S. buyers have purchased penthouses but overall units, the buyers have been half from Latin America and the other US buyers.
Residential units begin at $750,000. Although sold out, the penthouses started at $12 million. Units will feature 1 to 4 bedroom floorplans with 1,100 to 2,600 square feet of options. The penthouses themselves range from 3,500 to 9,000 square feet with each of them featuring a 3-car garage.
Tower Amenities:
2-acre recreation deck
Lap pool and spa
Gaming center
Playground
Tennis courts
Basketball courts
Paddle courts
Miniature golf course
Wellness center
Gym
Meditation Garden
Residence Features
Unobstructed views of Biscayne Bay and Ocean
Finished residences with two flooring options
All residences include 2 high-speed elevators
All residences include an office/media room
All residences are sunrise-sunset flow-through from East to West
3-month seasonal rentals allowed up to 4 times per year
The Aria Reserve groundbreaking ceremony is set for May 16, 2022. If you or someone you know have an interest in purchasing at Aria Reserve, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Calta Group Purchases Hollywood Development Site for $9.5 Million
A new apartment development could be in the works in downtown Hollywood. The Calta Group recently purchased the site located at 2215-2239 Hollywood Blvd for $9.5 million.
The 1.6-acre site was sold by Hollywood Construction & Development LLC which is managed by Joseph Horn of Miami. The same company purchased the site just late year in May 2021 for $7.7 million.
Several retail and office buildings currently occupy the site and would need to be demolished once the project is approved. The Calta Group, which is led by Ignazio, Gaetano Caltagirone, and Igor Blatnik plans to develop an 8-story apartment tower. The tower itself would feature 180 units and 1,800 square feet of ground-floor retail space.
The original design was proposed in 2019 by Borges Architects + Associates who would remain the lead for the project.
Amenities:
Pool deck
Business center
Gym
The groundbreaking will be scheduled for the 4th quarter of 2022 but the Calta Group still needs to select a general contractor for the project.
The Calta Group continues to make headway in Hollywood with their total construction projects reaching $1.5 billion.
Sales Launch for Society Residences in Downtown Miami
In the heart of downtown Miami, sits a new construction site of an up-and-coming tower developed by PMG. Society Biscayne was originally announced as an apartment tower but recently the developer decided to transition the apartment tower into residential units due to the lack of inventory in Miami. Now the property is officially Society Residences.
The construction for the 704 unit tower is currently underway at their site located at 398 NE 5th St in Miami. Rising 47 stories (571 feet) tall, units will be presented as fully finished and fully furnished with luxury amenities and outstanding water views.
Visionaries
Developers: Property Markets Group (PMG) and Greybrook Partners
Architect: Sieger Suarez Architects
Interior design: Cotofana Designs
Building Features
47-story tower located in Downtown Miami
Designed by internationally renowned architecture firm Sieger Suarez Architects
Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
Modern Residential Lobby with 24/7 Concierge
Electric Vehicle Charging Stations
Features the Latest Smart Building Technology
Destination Controlled Elevator Dispatch
Smart Package Lockers
Custom Society Residences app, linking residents to concierge services and building amenities- Digital Key- Guest Access- Payments- Package Deliveries- Messages from Management
Dry Cleaning & Laundry Service Lockers
Access-controlled entry points throughout
Valet Parking
Amenities
Lobby with Cocktail Bar and Restaurant by Jaguar Sun®
Over 19,000 square foot double-height amenity deck overlooking Downtown Miami and Biscayne Bay
Curated art and green walls throughout all common areas
132-Foot Resort Style Pool with private lounge areas
16 ft Poolside Screening LED Wall
Lawn with Theater
Sky Entertainment Lounge & Grilling Terrace featuring eight grills
Fully-furnished studios, 1, 2, and 3-bedroom residences
9’2” ceiling height with floor-to-ceiling windows
Balconies with stunning views of Biscayne Bay and the Miami city skyline
Porcelain wood-grain tile flooring throughout
Built-in full-size washer and dryer(in select residences)
Ecobee smart thermostat
Smart keyless entry
Pre-wired for high-speed communications, multiple telephone lines, and cable
Custom kitchen cabinetry by Italian design house Italkraft
Quartz kitchen counters
Frigidaire stainless-steel appliances including microwave, dishwasher, freestanding range oven, and refrigerator
Frameless glass-enclosed showers
Custom Italian vanities by Italkraft
Modern matte black kitchen and bathroom fixtures
Fully built-out California-style closet
Pricing:
Studios from $600K
One bedroom from $800K
Two bedrooms from $1.4M
Three bedrooms from $1.4M
The building is still under construction but the TCO is anticipated to be received by the end of June.
If you or someone you know have any interest in purchasing at Society Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Aston Martin Residences Miami Exceeds 90% in Sales Breaking Records in January and February 2022
Developers for Aston Martin Residences Miami recently announced that sales continue to climb and there seems to be no stopping the upward direction of unit prices. Sales for this new tower have surpassed 90%, beating its own records for both January and February 2022.
According to Alejandro Aljanati, CMO of G&G Business Developments, the business behind the project in partnership with premium brand Aston Martin, January and February 2022 combined completed over $100 million in sales. There are more under contract leaving less than 40 units available for much anticipated luxury tower.
According to Aljanati with the tower 90% sold, “This is called scarcity and rarity. There’s no inventory. The whole building is increasing prices. So even if you bought an apartment six months ago, you will make a very good profit.”
The tower’s penthouse, which is the only triplex penthouse in an Aston Martin structure, has boosted its asking price from $50 million to $59 million as a result of the increasing demand. The purchase still includes the extremely rare Aston Martin Vulcan.
Units range from studio to 4 bedroom floor plans with square footage beginning at 698. River and Panoramic units start at $750,000 and rise to $8+ million depending on the floor plan and unit location. As for the Sky and Penthouse residences, units begin at $14 million reaching well over $50 million.
Development Information
Developer: G&G Business Developments
General Construction: Coastal Construction
Architect and Design Team: Luis Revuelta of Miami and Bodas-Miani-Anger of Argentina
Residence Features
Private service entrance at basement level for all move-ins and personnel
Bulthaup custom cabinetry in kitchens
White marble floors throughout the entire unit and porcelain in all balconies
Quartz countertops in the kitchen. Piatra Grey (Ceasarstone) or similar
Gagganeau appliances in all residences: (sizes depends on units)
Duravit wall-mounted toilets in all units throughout the building and bidets in select units
All bathrooms feature marble floorings and walls (Thassos or similar
Hansgrohe faucets in secondary bathrooms and exclusive Axor model in master and powder bathrooms
Italian Bertolotto doors with AGB hardware in all units
Wood-paneled front doors to residence with programmable smartphone technologies such as NFC and Bluetooth
Floor soundproofing system installed throughout all units including all bathrooms
Walls dividing units with corridors will be 10″ wide with layers of Quiet Rock improving soundproofing
German Schuco hardware on sliding glass doors
ThyssenKrupp “Destination Dispatch” elevator system from main lobbies getting passengers to their destination in the shortest travel time and enabling access only to their own floor for enhanced security
High-speed elevators going up to 1200 feet per minute
High-speed internet and Wi-Fi hotspots in all common areas
Cast iron pipes and risers avoiding Waterflow noises
Amenities
Full-service building with concierge and hospitality-inspired services
Super Yacht Marina facilities
“The Aston Martin Club” membership
Rooftop infinity pool located on 55th floor
Fitness Spa and Fitness Center with Meditation Room and Treatments Suites
Private Steam, Sauna, and Locker Facilities
Pet-friendly building
Building designed with a helipad on the rooftop
24-hour valet and covered garage self-parking
Valet charging stations for electric cars
Valet Butler
Additional bicycle and private storage spaces
10 destination controlled super hi-speed elevators and separate dedicated service elevators
Digital connection to concierge and all building amenities from every residence
State-of-the-art Business Center and Conference Rooms
Art Gallery and Art Lobby on 53rd floor
Private Residence Movie Theatre, Event Space, Kids Playroom, Teen Center, and Game Rooms
Virtual Golf
Beauty Salon with blow-dry station, pedicure chair, manicure table, and wash stations
Construction for Aston Martin Residences Miami is expected to be completed by the end of 2022. If you or someone you know have any interest in purchasing at Aston Martin Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Miami Real Estate Sales Soar for the 17th Consecutive Month
According to the Multiple Listing Service (MLS), Miami-Dade County real estate achieved its best-ever February sales month as existing condo transactions climbed by double digits for the 17th consecutive month, following the historic January 2022 and 2021 year sales.
Total house sales in Miami-Dade County increased 13.2% in February 2022, from 2,485 to 2,814. Due to low availability, Miami single-family home transactions fell 7.9%, from 1,093 to 1,007 units. Existing condo sales surged jumping up 29.8%, from 1,392 to 1,807, marking the 17th consecutive month of double-digit year-over-year condo gains.
Home sales were much higher in February 2022 compared to February 2020 with total house sales up 51.1% compared to February 2020, from 1,862 to 2,814. Miami single-family house sales are up 13.9% while condo purchases are up 84.8% from January 2020.
Miami luxury condo sales are up 45.4%, with mid-market transactions ranging from $400,000 to $600,000 on the rise. In addition, Miami’s existing condo luxury ($1 million and more) sales increased 45.4% year on year to 237 deals.
Miami single-family houses valued between $400K and $600K climbed 24.7 percent year over year in February 2022, with 389 sales. Miami’s existing condo sales in the $400K-$600K price range surged 101.8 percent year over year to 345 deals in February 2022.
Single-family home inventory fell 29.3 percent year on year in February 2022, from 3,128 active listings the previous year to 2,212 this month. Condominium inventory fell 55.1 percent year on year to 5,272 from 11,735 during the same time in 2021.
Months’ supply of inventory for single-family homes has been decreasing since July 2019, suggesting high demand. Months of inventory for single-family homes fell 39.3 percent to 1.7 months, indicating a seller’s market. Existing condominium inventory fell 74.5 percent to 2.6 months, indicating a seller’s market. A balanced market between buyers and sellers provides six to nine months of supply.
The total number of active listings at the end of February 2022 fell 49.6 percent year on year, from 14,863 to 7,484.
In February 2022, Miami-Dade County single-family median prices grew 19.1 percent year over year, rising from $450,000 to $536,000. The median price of a single-family home in Miami has climbed for 123 straight months (10.25 years), the longest unbroken stretch on record.
Year over year, the median price of existing condos grew by 26.7 percent, from $300,000 to $380,000. The median price of a condo has risen in 125 of the previous 129 months.
Mortgage rates have typically been low, making house purchases more accessible. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.76 percent in February, up from 3.45 percent in January, according to Freddie Mac. The overall commitment rate for 2021 was 2.96 percent.
Miami real estate is attracting several bids, with buyers willing to pay above the asking price. In February 2022, the median percent of the initial list price obtained for single-family houses was 98.7 percent, up 1.5 percent from 97.2 percent the previous year. For existing condominiums, the median percent of the original list price obtained was 97.8 percent, up 3.7 percent from 94.3 percent last year.
Miami cash sales accounted for 75.6 percent of all sales in February 2022, which is much higher than the national average. In February 2022, cash transactions accounted for 43.9 percent of Miami closed sales, up from 35.8 percent in February 2021. According to the most recent NAR figures, cash accounts for around 25% of all house sales in the United States.
Cash sales made up 53% of all existing condo sales in Miami and 27.5 percent of single-family purchases.
New Miami-Dade County Legislation will Require Landlords to Provide a 60 Day Notice of Rent Hikes
Residential landlords in Miami-Dade County are now required to provide renters at least 60 days’ notice of rent increases of 5% or more, as renting in South Florida grow increasingly expensive.
The legislation was proposed by Commissioner Eileen Higgins and unanimously approved during the commission meeting on March 15th.
Throughout the country, renters are facing a massive rent spike by at least 50% and according to Miami-Dade County, they hope this legislation will help curb those numbers and make Miami more attractive to tenants.
This new legislation would apply to renters nearing the end of their contracts as well as those on month-to-month leases who are facing the 5% rent increase. Also in the new legislation is the notice on eviction time going from 30 to 60 days, including month-to-month leases that came from a 12-month lease.
According to a commissioner, landlords could bypass the new legislation by offering weekly leases. This new legislation can only be enforced in court.
Higgins stated during the meeting, “Thank you all for your understanding about how fair notice is the right thing to do, but not all landlords are doing the right thing. So, this requires them, if their mothers didn’t teach them to do the right thing.”
There are also 2 additional bills for rent control expected to be voted on by this summer, Tenant Bill of Rights and Rent Control. The tenant bill of rights would allow tenants to withhold rent for certain maintenance issues that the landlords haven’t repaired. Landlords would also be required to provide renters with information about their rental rights for state and county laws.
If approved the Rent Control legislation would put a cap on rent increases for 12 months. There would be many hurdles with this legislation that involved multiple votes by commissioners, the mayor, and Miami-Dade citizens.
Official Plans Submitted for Riverside Wharf
In December 2021, it was announced that a Miami Developer along with Driftwood Capital announced plans the rebuild The Wharf alongside the Miami River. Now, those plans have officially been submitted to Miami’s Urban Development Review Board.
The plans for this project include a hotel and an entertainment complex with retail, food, and beverage. The cost for the project is estimated at $185 million. The plans submitted include 174 hotel units operated by Dream Hotels and 91,733 square feet of commercial space.
A 16,000-square-foot restaurant, a 12,000-square-foot event hall, a 30,000-square-foot nightclub/rooftop day club, and 600 feet of river frontage are all planned for the 200,000-square-foot project. Garcia’s Fish Market may also set up shop on the property as a pop-up market. Its commercial fishing activity used to be located on the property.
The zoning requirements for this type of proposal would include 417 parking spaces but the developers are requesting a 50% reduction in parking by the entertainment and hotel spaces sharing parking. Once approved, the parking spaces will be offsite.
A part of the proposed development includes public used land, which will require a special election. That election is currently scheduled for August 23 and it will involve a potential lease of the public property to the developer.
The 1.5-acre Miami River property at 114 Southwest North River Drive will be developed by MV Real Estate Holdings and its partner, Coral Gables-based Driftwood Capital. Nitin Motwani, the managing partner of Merrimac Ventures and the developer of the Miami Worldcenter, is also a general partner in the project, according to Mantecon.
The Miami Urban Development Review Board is scheduled to review the development proposal on March 16, 2022.
Revealed: St. Regis Residences Sunny Isles Beach
Developers, the Château Group and Fortune International Group have officially revealed the highly awaited St. Regis Residences Sunny Isles Beach. Located at 18801 Collins Avenue in Sunny Isles Beach, this beachfront ultra-luxury residential complex will consist of two 62-story towers that will add to the already growing Miami skyline.
St Regis Residences Sunny Isles Beach will be designed by Arquitectonica with interiors by So Paulo-based Anastassiadis and landscaping by EDSA. The site itself will feature 435 feet of beachfront property with panoramic views of both the Intracoastal Waterway and the Atlantic Ocean.
The two towers will be referred to as the north and south towers. Sales will be launched on the South tower first with options of 194 residences that range from 2 to 4 bedroom floor plans including a selection of penthouses. The North tower is planned to feature 180 residences but sales will launch at a later date.
The residences themselves are exactly what you would think of when you hear the name St. Regis, and that’s luxury.
Residence Features:
Spacious floor plans boasting unobstructed ocean, city, and Intracoastal views
Ceiling heights clearing 10ft in regular units and 12ft in penthouses
Fully finished with flooring and closets
Private elevator and entry foyer in all residences
Service elevators
Italian designed kitchens with Quartz countertops
Miele appliances including wine cooler
Walk-in closets in all primary bedrooms
Laundry rooms with full-size washer and dryer
Smart home technology ready
Service quarters in select residences
Full floor residences with spacious floor plans
East and West terraces with pool on the east
Spacious terraces with luxurious private pool and jacuzzi
Summer Kitchen
Custom-designed Italian cabinetry
Graciously appointed primary suits and separate service quarters with separate entrance
Stunning, 360-degree views of the Atlantic Ocean and Intracoastal Waterway
Indoor BBQ
Indoor/Outdoor living space
Spread throughout the 2 towers will feature 70,000 square feet of amenities.
Managed by the St Regis Hotel Company, without hotel premises.
Grand entry driveway and 2-story porte-cochere
Impressive two-story lobby
10 Guest Suites per Tower
Concierge Services
Pet-friendly and much more
Private beach facilities
Oceanfront and sunset pools
A signature restaurant
Wellness center
Spa
Athletic club
According to the President and CEO of Fortune International Group, “It’s a very exciting time in the South Florida market and it’s been an honor to continue to elevate luxury residential living with our projects.”
As for the CEO of Château Group, Manuel Grosskopf, “Without a doubt, The St. Regis Residences, Sunny Isles Beach, Miami embody these coveted touchpoints and we look forward to releasing more details of the project as we come to market.”
The construction plans show 1,000 parking spots available for residents and the starting price for units begins at $3.5 million. The project is expected to begin in 2023 and be delivered in 2026
MSC Cruises USA Breaks Ground on PortMiami Terminal
MSC Cruises USA has recently broken work on an extensive cruise terminal at PortMiami as it expands operations at the congested port. The cruise line is based in Switzerland but the US locations are currently in Orlando and Fort Lauderdale, and now Miami.
The terminal building itself rises 4 stories and will spread over 490,000 square feet. The building itself will cost $350 million. Once the project is complete in 2023, the capacity of the terminal can hold 36,000 passengers daily. The terminal can hold 3 cruise chips at once and it will include the MSC Seascape (a 2,270 cabin).
The project will also have a 2,400 space parking garage and lot. MSC Cruises utilizes LNG (liquified natural gas) powered ships. The ships can also connect to shore power while docking which creates a more fuel-efficient ship.
According to the President of MSC Cruises USA, Rubén Rodriguez, “Our new terminal at PortMiami represents MSC Cruises’ commitment to growing in North America and will help drive our expansion in South Florida and beyond.”
Arquitectonica is the designer of the building while Italy-based Fincantieri Infrastructure is listed as the developer for the project. The old renderings for the terminal included a separate building for the USA headquarters for the cruise line but the plans transitioned into more space for customers. There are talks of leasing office space in other areas of Miami.
PortMiami has seen a lot of construction over the past year. Larger cruise lines are expanding their fleets like Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, and Virgin Voyages.
