Highest Penthouse at Paramount Miami Worldcenter is Now For Sale at $10.71 Million
At the current price of $10.71 million, the tallest penthouse in RPC’s Paramount Miami Worldcenter is now for sale.
With sweeping views of Miami from the 57th and 58th floors of the tower, Penthouse 5700 has 5,225 square feet spanning throughout four bedrooms, five and a half bathrooms, and a den that can be utilized as either a home office or a library in the unit. An open-style chef’s kitchen, floor-to-ceiling windows, double-height ceilings, and plenty of space for entertaining are included in the amenities of the property.
Penthouse 5700 will have access to the building’s 46 amenity spaces, which are the most residential amenities in the world and include the nation’s first outdoor soccer field in a high-rise residential building, resort-style swimming pools, tennis courts, a Tai Chi deck, and a boxing studio.
The purchaser will be residing among celebrities thanks to Paramount’s comprehensive array of sporting amenities, which has drawn a wide range of professional athletes.
Located in Miami Worldcenter, an entire city within a city and the second largest master-planned urban project in the country, Paramount offers walkable access to the best restaurants, cultural and entertainment venues in town.
The 58-story Paramount Miami Worldcenter, which was completed in August 2019, has 569 condo homes with studio, one, two, and three-bedroom floor layouts, as well as penthouses.
The Paramount Miami Worldcenter’s ordinary tower residences have interior square footage of 1,294 to 2,376 plus balconies, whilst its penthouse residences have interior square footage of 3,509 to 6,000 plus balconies.
The typical condo homes at Paramount Miami Worldcenter have either 11-foot- or 14-foot-deep terraces, private elevators, and 10-foot high ceilings with floor-to-ceiling glass windows.
Eight magnificent bi-level penthouses at Paramount Miami Worldcenter include 20-foot high ceilings, floor to ceiling glass windows, and panoramic views of the city and lagoon.
Elkus Manfredi Architects created Paramount Miami Worldcenter, which was created by Paramount Ventures. ID & Design International created the lobby and common areas.
New Research Shows Miami is on the Way to Being the Next Silicon Valley
According to recent research from Moody’s Analytics, a division of New York-based Moody’s Corporation, the expansion of Miami-Dade County’s finance and technology sectors significantly boosted the region’s office market throughout the pandemic leaving the potential for Miami to replace Silicon Valley.
Miami has the potential to develop into a prosperous tech center, according to Lu Chen, a senior economist at Moody’s and co-author of “The Growing Power of Tech on Miami’s Commercial Real Estate Market.”
Fintech companies have found The Magic City to be the most alluring. According to the survey, businesses from New York are increasingly choosing to relocate to Miami due to high taxes, building/office costs, as well as housing.
For instance, the report stated that the fintech business FundKite moved its headquarters from New York to Miami “because it has become a solid hub for the financial industry and has a lot of good expertise and manpower accessible.”
This continued pattern has allowed the office landlords in Miami-Dade County to raise rent demands faster than the national average, including in San Francisco, California.
According to the survey, incomes for STEM (science, technology, engineering, and math) workers in South Florida have not increased as much as asking rents in Miami-Dade.
The average salary for STEM workers nationwide increased by 6.8% in 2021 compared to the previous year. San Francisco saw a 1.9% increase in STEM earnings. Their increase in South Florida was only 0.9%.
As of August 13, the typical STEM job nationwide paid $53,428 per year. STEM jobs in Florida typically pay $40,081 a year. In California, STEM salaries pay an average of $48,899 annually.
In contrast to the San Francisco Bay area and other well-established technology centers, South Florida has a very small proportion of the total number of tech jobs.
According to Chen, only 3% of jobs in South Florida are in the high-tech sector, compared to 23.5% in the San Francisco area.
Other challenges for Miami’s expanding technology sector, according to Moody’s, include the impact of climate change, South Florida’s transportation infrastructure, the underrepresentation of minorities in higher-level positions, and concerns about educational standards.
The San Francisco Bay area has significantly more prestigious universities that develop technology talent, according to the study on education. The report states that “Miami must attract more students interested in tech.”
However, the survey noted that there is cause for hope because there are regional initiatives like Computer Equity Miami that seek to increase accessibility to tech education for all of its citizens. Miami’s advantages also include a high concentration of banks and businesspeople.
South Florida ranks sixth in the nation for the proportion of all U.S. entrepreneurs. Moody’s attributed this ranking to the region’s 150 banks and 500,000 accredited investors, which offer a variety of choices for raising financing.
Miami is attracting a lot of interest from bitcoin businesses as a result of Miami Mayor Francis Suarez and other local leaders placing significant bets on the technology.
Suarez’s efforts to establish Miami as a crypto hub, according to David Caputo, a commercial real estate data quality analyst for Moody’s, have aided in luring crypto businesses to that city, including Blockchain.com, which has reportedly facilitated more than $1 trillion in crypto transactions since its establishment in 2011.
According to Moody’s research, the future of cryptocurrencies may very well determine Miami’s status as a global tech hub. Although the value of cryptocurrencies has fallen recently, the report’s co-author Caputo claimed there isn’t much of a negative for Miami.
New York Developer Acquires Belmar Condominium in Edgewater for a Potential New Development Site
Another potential development site in Miami’s Edgewater neighborhood has been acquired by a New York condo and multifamily developer.
According to public documents, a company managed by Joseph Stern, the principal of SB Development, paid $12 million for all 13 apartments of the Belmar Condominium at 419 Northeast 19th Street. The price per condo for the group purchase is $923,076. To pay for the transaction, the buyer got a $14 million loan from Rok Lending, a company based in Aventura.
Between the 1970s and the 1990s, several of the sellers who bought units made substantial profits on their purchases. In 1973, when Belmar was finished, Francesca, Monica, and David Vila paid $36,000 for a two-bedroom apartment, according to documents. Leopoldo Colon and Kenneth Merker, who are on the board of the Belmar condominium, paid $40,00 and $41,00 for their respective apartments in 1993 and 1994. After Stern’s company completed the bulk sale, the condo association was disbanded, according to records.
The five-story Belmar, which is tucked up against the Cité on the Bay Condominium, might be SB Development’s upcoming renovation endeavor in Edgewater. There are no plans on file with the city of Miami.
For $12.2 million, SB and its joint venture partner Hazelton Capital Group purchased a five-bedroom home at 480 Northeast 29th Street as well as two nearby vacant properties. The land is zoned for up to 38 floors, and the partnership aims to build a boutique apartment tower with a bayfront restaurant on the ground floor.
According to the company website, SB, which was founded in 2010, has more than 500,000 square feet of projects in various stages of development, from townhomes to high-rise buildings. For a construction site in Long Island City where the company intends to construct a $70 million, 24-story apartment tower, SB paid $15.2 million in 2019. SB also contributed to the development of Williamsburg’s Dime, a mixed-use housing and retail complex.
Cipriani Residences Miami Reveals New Interior Renderings
With the newest condominium project in Miami, Cipriani Residences Miami is adding to its illustrious portfolio once more with its exclusive first glimpse at the exquisite interiors of the highly anticipated development.
The renowned hospitality organization chose the internationally renowned studio 1508 London to design the interiors of Cipriani Residences Miami, which is the group’s first residential skyscraper built from the ground up. 397 homes with one to four bedrooms will be available in the building, all of which have views of Coconut Grove, Brickell, and Biscayne Bay.
The Cipriani Residences Miami exudes a stylish, contemporary ambiance, similar to the burgeoning Brickell district, but with a European flair. Consider furniture covered in Italian leather, chandeliers from Venice, and rooms with beautiful walnut finishes. The enormous curved glass high-rise by Arquitectonica blends seamlessly with the city’s financial district’s skyline.
The double-height foyer, which modernizes Venetian design, is one of the building’s most alluring aspects. The elegant area is layered with Italian terrazzo floors, oak accents, and an actual Murano glass chandelier. It was designed to transition from day to night. The color scheme combines distinctive Cipriani tones with warm camel and blue tones.
Each house, which ranges in size from 1,213 square feet to 3,495 square feet, includes floor-to-ceiling glass windows, large terraces, and lofty 10-foot ceilings as standard features. Among the opulent features you’ll discover inside are open eat-in chef kitchens, integrated Wolf Sub-Zero appliances, and light pendants with Art Deco influences, as well as Dornbracht fixtures in the main bathroom and, of course, handcrafted Italian cabinetry designed to reflect the Cipriani aesthetic.
CEO and Founder of Mast Capital stated, “The interior design of Cipriani Residences Miami demonstrates a fundamental richness that recalls the timeless elegance of four generations of the Cipriani family. 1508 London has envisioned an offering that captures both the inherent spirit of Cipriani and the sophisticated lifestyle of Miami.”
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025 with a completion date in 2026. Reservations are expected to be converted to contracts next month which will coincide with the launch of their sales center.
If you or someone you know have an interest in purchasing at Cipriani Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
A New Speakeasy Bar to Open in Downtown Miami-Freddys
Freddys, a speakeasy-themed bar, will debut on August 25 in the heart of downtown Miami and is located right within the InterContinental Miami hotel.
Take the escalator up to the lobby, then search for a plain white door leading to the Chopin ballroom towards the rear of the building. You will be given instructions on how many times to tap (think morse code) and how to accomplish it after receiving your desired reservation.
According to the website, “Our host will permit entrance to those with the correct knock.”
You’ll discover a romantically lit treasure box with soft chairs, elaborate Oriental rugs, and a candlelit bar behind the embellished curtains. Here, you may order drinks that evoke the Prohibition era and are created with herbs, house-made bitters, and freshly squeezed juices.
Due to Freddy’s limited seating capacity of 12 people, reservations are required only for seatings at 5 p.m., 7:30 p.m., and 10 p.m. on Thursday, Friday, and Saturday nights.
This quiet, inconspicuous lounge is perfect for the gram. There’s also a coat rack brimming with flapper-inspired accessories located at the entryway to dress like you’re in the actual era.
Freddy’s is located at 100 Chopin Plaza at the InterContinental Miami. For more information, click here.
Want to Fly to Miami from London in 5 Hours? American Airlines is Trying to Make it Happen
Thanks to American Airlines’ recent purchase of 20 new supersonic planes, passengers may soon be able to travel from Miami to London in less than five hours.
The agreement between American Airlines and Boom Supersonic to buy up to 20 Overture aircraft, with an option for a further 40, was made public on Tuesday.
With a range of 4,250 nautical miles, Overture aircraft are intended to carry 65 to 80 passengers at Mach 1.7 over water, which is twice as fast as the current fastest commercial aircraft.
According to American Airlines’ CFO, Derek Kerr, “Looking to the future, supersonic travel will be an important part of our ability to deliver for our customers. We are excited about how Boom will shape the future of travel both for our company and our customers.”
According to the business, Overture aircraft might someday travel more than 600 flights around the globe in as little as half the time.
There are several options, such as flying from Los Angeles to Honolulu in three hours or from Miami to London in under five.
With Overture, the world’s fastest aircraft, Boom Supersonic is revolutionizing air travel. Overture was designed for speed, safety, and sustainability. Overture, which will serve both civil and government markets, is built to run entirely on sustainable aviation fuel and will travel twice as fast as today’s airliners.
Overture is expected to debut the Boom Supersonic in 2025 and carry its first passengers by 2029, received its final production design in July.
Plans for a 30 Story Tower in North Miami Beach are Announced by BH Group
After purchasing land in North Miami Beach, developer BH Group is planning a 30-story residential structure located at 2261 N.E. 164th Street.
The 1.96-acre site was sold by CK Prive Group 164 LLC, controlled by Bruno Bloch in North Miami Beach, to the BH Group in Aventura for $11 million. The property increased in value since it was last sold for $8.3 million in 2016.
Currently on the property is a 1969-built warehouse of 35,538 square feet. The warehouse will be destroyed, according to BH Group, and a skyscraper with 400 luxurious residential units will be built in its place.
CFE Architects of Miami Lakes will be the architect for the project.
After the city rezoned a significant portion of its east side to allow for higher density and mixed-use development, North Miami Beach has been experiencing an increase in commercial and residential developments.
BH Group has been purchasing sites all over South Florida. The business frequently collaborates with Miami-based Related Group including District 225 condo in downtown Miami, a condo on Fisher Island, a waterfront condo in North Miami, the Transit Village mixed-use project in West Palm Beach, and condos on Bay Harbor Islands.
Bad Bunny and David Grutman Unveil Gekkō at Grand Opening in Brickell
Thanks to Bad Bunny, David Grutman, and Groot Hospitality, the bustling Brickell district of Miami has new eating alternatives. The world’s most streamed music artist and the restauranteur have officially debuted Gekkō, their new joint venture.
Although the official opening is tonight for the most talked about restaurant in Miami, the exclusive unveiling was last night which included many notables and so much delectable food!
Attendance included David Grutman and Bad Bunny themselves, with special guest Joe Jonas, Sophie Turner, David Beckham, Victoria Beckham, Timbaland, Lil Wayne, Future, Lele Pons, Jake Paul, and Candice Swanepoel. The turntables were taken over by Zack Bia, who played music for the partygoers to dance to.
The Japanese-inspired steakhouse offers the best Wagyu beef in the world along with creative and enhanced sushi options, opulent takes on classic chophouse dishes, brand-new handcrafted drinks, and much more.
In addition to being the name of a dedicated lounge, Gekkō—which translates from Japanese to English as “moonlight”—brings a creative, small nightlife venue to the center of the city’s social scene.
According to Bad Bunny, “Sitting down with friends to enjoy a good meal is one of the moments I value the most. I am thrilled that now I will have a hand in creating this experience for others.”
Gekkō’s menu combines the convivial and well-liked food of a steakhouse with the accuracy and modernism of Japanese cooking. Before moving on to starters, seafood, and steak, this starts with shared dishes, featuring traditional Japanese milk bread and a Kumamoto oyster with “Lava and Ice.”
Lobster dumplings and a creatively updated version of a wedge salad with yuzu buttermilk ranch dressing are two appetizer standouts. Highlights for raw dishes, sushi, and sashimi include Hokkaido Scallops and the novel 24k Otoro, a creation exclusive to Groot Hospitality.
The menu is anchored by a number of exquisite steaks, such as a Tomahawk cut, an olive-fed filet mignon from Kagawa, Japan, and a snow beef strip from Hokkaido, Japan. There are specialty dishes like Wagyu Skirt Steak and a Bone-In Ribeye. A variety of main meals are available, including Daring plant-based chicken, Creamy and Spicy Lobster, and more in typical Groot Hospitality fashion.
Up to 185 diners can be accommodated at Gekkō throughout a lavishly designed, flawlessly integrated indoor-outdoor flow. Rockwell Group, an architecture and design firm with offices in New York City, created the interior.
Gekkō’s charisma and nocturnal ambiance are enhanced by stylistic elements, such as a unique gold and red dip-dyed rope installation, graphic wall coverings, and velvet drapes. At the same time, the air is charged by lighted cuts and bars. Gekkō is located in Miami, Florida, 33131 at 8 SE 8th Street.
The Elser Hotel & Residences Unveiled with Exclusive Party Hosted by PMG and Greybrook
A party celebrating the unveiling of the 49-story luxury condominium tower known as The Elser Hotel & Residences was held on Wednesday, August 3rd, by PMG and Greybrook.
The venue, located in the center of Downtown Miami with unhindered views of Biscayne Bay, offered visitors infinite champagne, a live band, and interactive entertainment. The PMG Residential sales team, comprised of Alejandra Castillo, Christian Tupper, Daiana Quiceno, Aura Aragon, and Karine Carvalho, as well as PMG Managing Partner Ryan Shear, made remarks.
The Elser Hotel and Residences are located in the same lively area and have the same sparkling views of Biscayne Bay that Elser Pier did in the early 1900s. Elser Pier’s prime location in Miami’s thriving downtown area contributed to its status as the city’s top convention and entertainment hub. Tourists and locals alike were drawn to the pier’s variety of venues and waterfront views. The legacy and extraordinary success of Elser Pier altered the future outlook for the corridor and created the foundation for the bustling bayfront metropolis we know today.
The Elser Residences Miami is a development of carefully designed studio, one-, two-, and three-bedroom condos. Elser, located in Miami’s most alluring area, Downtown Miami, will provide a vibrant and rich community fuelled by culture, glitz, and wellness. Find a wealth of amenities for living, working, and playing. Units will be available this summer for move-in.
Facts and Features
49-story tower located in Downtown Miami
Developed by PMG and Greybrook Partners
Designed by internationally renowned architecture firm Sieger Suarez Architects
Approved for short-term rentals
On-site hospitality management
Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
Over 19,000 square foot double-height amenity deck overlooking Downtown Miami
and Biscayne Bay
132-Foot Resort Style Pool with private lounge areas
Two-Level Modern Gym & Fitness Studio
Co-working Lab
Valet Parking
Electric Vehicle Charging Stations
Latest Smart Building Technology
Only The Elser Hotel & Residences Miami would have a short-term rental program that was expertly run by a five-star operator among the current inventory in Miami. The structure would be open to unlimited day rentals.
Residences start at $600,000 or the equivalent in bitcoin, according to PMG Residential, the property’s exclusive sales team.
Thanks to American Airlines’ recent purchase of 20 new supersonic planes, passengers may soon be able to travel from Miami to London in less than five hours.
