City of Miami Approves New 37-Story Tower Called The District
The City of Miami has recently approved The Related Group and Parcel C LLC’s proposal for a 37-story residential tower in downtown Miami, named ‘The District.’ This project will include 343 residential condos, 2,297 square feet of retail space, and will have no parking (the developer is requesting a waiver to allow off-site parking). Siegar Suarez Architects prepared the design and plans.
The District is proposed to be 393 plus feet tall and will be located at 225 and 223 N. Miami Avenue. According to Miami Today, The District will have retail on the ground floor, and the apartments will be located above the retail space. The paperwork that was filed also includes the fact that some units may be transitioned into hotel rooms as well.
Amenities for The District include a gym, racquetball, basketball, lounges, pool deck, rooftop spa, and barbeque area.
Several waivers have been requested and approved for the Miami 21 zoning code:
Primary and secondary setbacks
Side and rear setbacks above the eighth story
Permit off-site parking within 1,000 feet
10% increase in the maximum lot coverage
Two residential loading berths substituted for one commercial loading berth
Reduction of the required ground-level setback on the property’s frontage
According to the Board member Robert Behar, who shared concerns about pedestrian safety with the limited amount of parking available.
According to The Related Group’s Attorney, Ms. Escarra, has stated, “The Project limits the interaction between vehicles and pedestrians by removing vehicular access to the Property. This will allow pedestrians to enter the Project with no vehicular conflict, as parking will be provided offsite, per the requested Waiver.”
The city’s Urban Development Review Board voted unanimously to recommend approval of the project on April 9, 2021. The construction permit has not been filed yet, and the groundbreaking is set to begin sometime this year.
UNA Residences will feature floor to ceiling glass surfaces on every floor ‘reflecting the Miami sunshine,’ 10′ 8″ foot ceilings in every residence, and the most spectacular views of Biscayne Bay and the Rickenbacker causeway. Prices for these remarkable units range from $942,000 to $6,643,000.
Construction is currently underway. Rebar is being brought in to construct the foundation and cranes are onsite beginning the dig-out of the 100,000 square feet car garage, which will be 50 feet deep and three stories below sea level. According to a construction update from the Florida Construction news, 800 holes will be drilled into the ground then filled with concrete creating interlocking pillars that will eventually construct a cement block for the garage. That block will then be hollowed out to create the deep garage.
BUILDING FEATURES
135 luxury condominium residences
Iconic 45-story waterfront condominium
2 to 5 bedroom residences ranging from 1,100 to 4,786 sq ft
Unobstructed views of the Atlantic Ocean, Biscayne Bay, and the city skyline
High-efficiency and noise-reducing floor-to-ceiling exterior glass
Three levels of underground parking
RESIDENCE FEATURES
Private elevator entries into each residence
Expansive terraces with effortless “lift-and-glide” floor-to-ceiling doors and glass balcony railings
10’8″ ceiling heights, above Miami standard
Chef’s kitchens with Gaggenau ovens, electric induction cook tops, microwaves, dishwashers, and refrigerators/freezers
Master suites with separate his and hers closets and bathrooms
Utility rooms with full-sized washers and dryers
Flow-through residences with east-to-west ocean and city exposures on the top floors
Two penthouses, each with a private pool and 11’7″ to 12’4″ ceilings
AMENITIES
Bayfront pool
Outdoor lap pool
Family pool
Jacuzzi
Catering kitchen
Kids’ splash-pad area
Owners’ lounge
Private dining/party room
Movie theater
Kids’ playroom
Outdoor lounge
Baywalk access
State-of-the-art fitness center, with yoga and personal training areas, plus his and hers dressing rooms
Private marina
Spa with steam room and sauna, as well as indoor and outdoor private massage treatment rooms overlooking the bay
Dedicated beauty suite for private hair styling, manicure and pedicure appointments
Beautifully landscaped outdoor terraces
Dog-walk area
Private air-conditioned storage areas
SERVICES
24-hour concierge service
Combination of valet service and self-parking
Package room
UNA Residences Miami is estimated to be completed summer of 2022. We will continue to update this article once construction has progressed.
‘Millionaire’s Tax’ Heads to New York While Bankers, and Big Earners Head Out
High tax rates are common within the city of New York and it has never really steered bankers, fund managers, and big earners away from ‘The Big Apple.’ In fact, the appeal to live in New York has always been the exclusivity of living there if you could afford it. But with a recent New York state budget agreement that plans to raise rates among certain high earners, there are some that are looking to move and settle south.
According to a Reuters article, a high level employee at a large bank who does not want to be identified stated, “I’m already looking for an apartment in Florida.” There has also been talk among others who are earning more than $1 million are considering moving their entire firms out of the city.
The breakdown of the legislation would have the top New York City earners paying an upwards of 15.73% in combined state and city taxes. To put it in perspective, the current tax rate for the state range from 4% to 8.82% and the city ranges are 3.08% to 3.88%
This legislation was named the “millionaire’s tax,” and is expected to increase taxes for earners who make more than $1 million a year. If implemented, this tax would beat California’s (highest in the country) tax rate.
Larger companies have already started moving staff out of New York. Some of note are Goldman Sachs Group, Inc, Virtu Financial Inc, and Elliot Management. A smaller hedge fund manager stated, “This creates an overwhelming incentive to move.”
Geoffrey Weinstein, a tax attorney for Cole Schotz stated that, “When wealthy people don’t like something, they don’t protest, they just leave.” If this is the case, then the tax will eventually fall on earners making less that $1 million.
With more people working remote due to the pandemic, places like Florida that have lower tax rates, lower real estate taxes, and are fully opened are becoming an ideal location for top earners. And we at Miami Condo Investments welcome them with open arms!
Construction is Underway for Platform 3750 Project in West Grove Neighborhood Miami
Platform 3750, a mixed-use project in the West Grove neighborhood of Miami has just broke ground at 3750 South Dixie Highway on 2.1 acres. This site is within walking distance of the Douglas Road Metrorail Station. The Cornerstone Group is the lead developer for this mixed-use project and is currently leasing from Miami-Dade County after winning a request for the RFP process.
This project is expected to create 300 jobs and is designed to ‘jumpstart economic activity’ in West Grove. It is anticipated to have 191 apartments, 21,000 square feet of retail space already leased to Aldi and Starbucks, 14,000 square feet of office space for the Cornerstone Group, 12,500 square feet of office space for the county’s Community Action & Human Services division, 3,000 square feet for the district office of county Commissioner Raquel Regalado, and 400 parking spaces.
Cornerstone Partner, Lenny Wolfe states, “West Grove has been neglected for a while. There was a very small amount of affordable housing built there and there is tremendous need. And it’s a food desert because there’s a real need for an affordable grocery store.”
This project was designed by Kobi Karp Architecture and the general contractor is Current Builders
The loan for this project includes a $60.5 million loan, $8 million county’s surtax, $3.5 million city government obligation bond, $1.95 million city Home loan, $1.4 million from the county economic development fund, and $5 million in tax credit equity.
Cornerstone Partners announced that they anticipate this project to be completed by the end of 2022.
The Future is Here – Miami Sees Its First Delivery Robots
Cartken, a robotics startup, has recently partnered with REEF Technology to introduce self-driving delivery robots to Downtown Miami. REEF Technology currently offers fulfillment solutions, neighborhood kitchen deliveries, and parking solutions.
Founders of Cartken include ex-Google engineers, and have been developing this type of delivery service since 2019. This will be Carken’s first major introduction of self-driving robots in Miami.
While only operating within a 3/4 mile radius of downtown Miami, Cartken has been testing their electric-powered robots fulfilling orders from delivery-only kitchens. These robots are operating on the REEF’s network, are insulated, and can maintain heat for hot meals. Cartken already has designated logistics hubs and can be dispatched to restaurants while the food is being prepared.
Matt Lindenberger, REEF’s Chief Technology Officer stated, “We want to show how future-forward Miami can be. This is a great chance to show off the capabilities of the tech.”
There are currently only two restaurants utilizing Cartken in Miami with a large potential for expansion in other neighborhoods.
The robots are powered by rules-based programming and can actually stop and ask for help if necessary. Lindenberger stated, “The robot is seeing the environment, planning around obstacles like pedestrians or lampposts. If there’s an unknown situation, someone can help the robot out safely because it can stop on a dime.”
According to TechCrunch, the robots can only make it to street-level, where the customer has to come outside to pick up their food. Apartment complexes and units would be more difficult for the robot to navigate.
We will be following this story closely and will update as we learn more and as more restaurants begin using Cartken!
Closings Have Started for Monad Terrace Miami Beach
Monad Terrace is a new luxury condo tower in the heart of Miami Beach at 1300 Monad Terr, Miami Beach. This boutique waterfront condo development will feature 59 units with two to five bedroom options including four penthouses. According to the property records, seven condos have sold between $1.4 to $8 million.
The developer for the project is Michael Stern, a New York developer who is making his name known in South Florida. One of his other known Miami projects is the Echo Brickell tower. The project’s partners include Stern JDS (principal), New Valley, Ackerman Development and Mink Development. The designer is Ateliers Jean Nouvel along beside architect Kobi Karp.
According to the Real Deal, this tower has been in a planning stage since 2015. Stern and his partners financed the construction with a $137 million loan from a New York based real estate lender, Madison Realty Capital. The 14 parcel development was chosen in 2015 and cost $51 million plus.
In 2019, penthouse B went under contract for $8 million by Joshua Wander, managing partner for a Miami based private equity firm. Within the past 3 months, there has been an increase in sales with units totaling $70 million plus under contract including three of the four penthouses. The remaining units range from $2 million to $12.5 million.
Building Amenities:
Sundeck with swimming pool
Hot tub that overlooks Biscayne Bay
Cafe and Juice Bar
Wellness center
Dock
Bicycle and water sports storage room
Residence Amenities:
Seamless indoor-outdoor living space
Biscayne Bay views
Kitchens designed by Jean Nouvel
Cantilevered marble island
State-of-the-art appliances
Wood ceilings
Reflective Cabinetry
Custom bathrooms designed by Jean Nouvel
Spacious stone countertops
Stone tiled walls
Spacious soaking tubs
Stern will also have a hand in the development of the 62-story Brickell Treehouse tower project that will feature 1,000 apartments, 200 micro-units, hotel, and office space.
If you or someone you know has any interest in purchasing a unit at the Monad Terrace Tower, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 for more information.
MiamiRealEstate.TV is the Newest Addition to Miami Condo Investments
We would like to officially announce our newest project, the MiamiRealEstate.TV website. Since 2014, I had a vision of creating a space for all things real estate in Miami. In that same year, I purchased the domain at auction and have been researching ideas/creating a plan since the beginning. During that time, I knew that technology and real estate would collide and I’m so thrilled that this vision has become a reality!
The biggest difference between this project and what others have done is that these videos aren’t just about myself and my listings. I want to showcase the best Realtors in the area, luxury listings, real-estate developers, city-transforming developments, and other industry-leading game changers.
There are currently five videos available featuring Philip Freedman, the Executive Sales Director of The Ritz-Carlton Residences Miami Beach, and Adriana Brito giving a tour of the Upper Penthouse at Brickell Flatiron. Dora Puig was also interviewed giving a tour of her listing for $38 million penthouse at Icon South Beach (please see above video).
Our hope with the launch of MiamiRealEstate.TV is to bring expertise to Miami Real Estate viewers.
We are so excited for this new adventure and we look forward to growing with you! Be sure to follow @miamirealestate.tv on Instagram and visit MiamiRealEstate.Tv to stay updated with everything real estate in Miami.
Are Casinos Coming to Miami?
Jeffrey Soffer, billionaire and son of real estate developer Donald Soffer, is pushing lawmakers to update Florida gambling laws. According to Miami’s Local 10 News, Miami Beach commissioners have hired lawyers to stop Soffer from building a casino under the Fontainebleau brand.
Miami Beach Mayor Gelber’s mission is to ‘discourage late-night entertainment in the city,’ and Soffer’s plan to build a casino goes against this.
According to Mayor Gelber, “What they are going to want to do apparently is take casino licenses, take gaming licenses, gambling licenses that exist right now in parimutuels — slot machines, card games, and things like that — and allow them to become portable.”
Also reported to be involved in the endeavor includes former President Donald Trump, who wants to open a casino at his current resort, Doral.
The Miami Herald has reported that Governor Ron DeSantis, has met with parimutuel owners to discuss casino openings and guidelines.
As part of he legislation, Genting’s Resort World Miami as well as the Seminole Tribe would be included and would greatly benefit from the legalization.
If this legislation passes, gambling licenses would be allowed to transfer into areas that currently do not allow it and local governments could not enforce any laws prohibiting it. The legislation is currently being drafted and will be released to the public within the next few weeks.
Subway Corporate Makes its Move to Miami
According to Restaurant Business Online; Subway, the Milford Connecticut based sandwich chain, will be relocating 10% of its operations to Miami. The new location is reported to be near Miami National Airport which also happens to be closer to home of John Chidsey, CEO of Subway, in Coral Gables.
In a statement following the company’s announcement, “A Miami presence allows us to keep our finger on the pulse of more cultural conversations and the evolving tastes of the modern consumer. With its dynamic business climate, diverse population and multicultural influences, it is the ideal place to transition some of our consumer-facing roles.”
The departments that are relocating include; marketing, culinary teams, and global transformation teams. This move will also make their U.S. and Canada based teams have stronger integration with their supply chains. Subway plans to move by the spring of 2022.
This change for Subway comes after a year of layoffs and an ‘executive overhaul,’ with a large number of store closings and buyouts.
Chidsey’s former chain, Burger King, is also located in Miami, as well as its sister company – Popeyes Louisiana Kitchen.
