Legacy Hotel & Residences Sells out at 100% at Pre-Construction
Legacy Miami Worldcenter also known as Legacy Hotel & Residences is one of the newest pre-construction residential towers located in Park West Miami. This luxury tower will rise 668 feet tall with 50 stories. This tower has officially sold out before the groundbreaking. According to the South Florida Construction Journal, this is the first development in downtown Miami to sell out prior to construction.
Centrally located at 942 NE 1st Avenue in the heart of the Miami Worldcenter ‘mega-development.’ This mixed-use project will feature 287 residences, 262, luxury hotel rooms, restaurants, business center, medical office, retail, and a rooftop atrium with multiple amenities. It will also be considered the second tallest tower at Miami Worldcenter.
The residences will consist of studios, one-bedroom, and two-bedroom floor plans ranging from 368 to 964 interior square feet. Developed by Royal Palm Companies with Kobi Karp as the architect and ID & Design International designing the interior space. This tower will feature state-of-the-art living without any rental restrictions. This allows homeowners to rent their units on a short-term basis through AriBnB, VRBO, or through Legacy’s rental program. The residences at Legacy Hotel & Residences will come fully furnished.
The sold units include a total of 310 with a combined value of $160 million. The average prices ranged between $350,000 to $2+ million. There are 8 penthouses remaining are subject to use for the hotel portion of the project.
RPC is currently closing on their construction loan and expects to announce that milestone soon. Construction permits are pending and site pre-work is estimated to begin the end of May and/or beginning of June 2021. Legacy Hotel & Residences is expected to be completed in 2024.
Miami Real Estate Sales Surge in April 2021 – Best Sales Month in History
Home and Condo Sales surge in April making it the best sales month in Miami-Dade County real estate history. There have been a record number of companies relocating as well as individuals moving to South Florida creating such a high demand. Throw in the record-low mortgage rates and you definitely have your ‘surge.’
According to the Miami Multiple Listing Service (MLS), home sales have increased by 151.3% from 2020. Last year offered 1,576 homes sold to this year alone doubling to 3,960. Single-family home transactions increased by 83.1%. Condo sales are no different, with a substantial increase of 234.2% from 711 sales in 2020 to 2,376.
According to the MIAMI Realtors Chairman of the Board Jennifer Wollmann, “Miami recorded its best April sales month in history and the sales could have been even larger had there been more inventory.” “As is the situation in many major cities, inventory is low for single-family homes. The Miami condo market, however, is in a balanced market with 7.1 months of supply and buyers are taking advantage of the sector’s healthy inventory and today’s record low mortgage rates,” Wollmann also stated.
The luxury market has seen a substantial increase, with Miami luxury single-family home sales increasing 541.1% year over year with 359 total sales for April 2021.
Single-family home pricing between $400,000 to $600,000 increased by 118.9% to 521 transactions in April 2021. Cash sales for single-family homes have increased by 27.4%
The Miami Luxury condo market has also seen a spike in sales with an increase of 540.8% with 314 sales. Condo pricing sales between $400,000 and $600,000 had an increase of 371.6% to 349 sales than the years prior. Median prices for condos have increased 22.6% year over year as well. Condo cash sales accounted for 46.5% of transactions.
Distressed sales in my were at 1.5% which is low compared to prior years. Back in 2009, distressed sales accounted for 70% of all Miami sales.
With the high-demand, Miami real estate buyers have gotten creative and competitive with their offers. Multiple bids, buyers offering over asking price, and/or offering cryptocurrency in with their offer can really give buyers an edge in this market. Other factors have included mortgage contingencies, waving home inspections, and mortgage lenders waiving appraisals have also created a competitive edge.
An Elevated Event at One Thousand Museum
Mayor Suarez does it again! First with his campaign to recruit big tech companies to relocate from Silicon Valley to Miami, and now he is hosting events with notables to display Miami as the new epicenter for everything tech and finance.
His most recent event was a collaboration with Barry’s (fitness brand), Keith Rabois (investor), and One Thousand Museum. This event named: ‘Miami:Elevated,’ took place on the helipad of One Thousand Museum with Barry’s personal trainers hosting a workout ‘700-feet in the air.’
The workouts consisted of a sport’s circuit with strength training and cardio. There was an initial donation fee to participate in the event.
The funds from this event are allocated for the Center for Black Innovation’s Accelerator Program. This program is an 8-week course is designed to assist entrepreneurs with direction for financial and personal success.
“What’s great about today is that we’re doing this…for the Center for Black Innovation which is the soul of our city,” “They are trying to create an equity of opportunity for all of our citizens. We want to give them an opportunity to enjoy the success. What’s amazing about the tech industry, is that they are some of the most thoughtful and most giving people I have met. They don’t just want to make great companies, they want to make a great city. And that’s what the city of Miami is, and how we will be different from every other city in America,” Mayor Suarez stated during the event.
Mayor Suarez truly wants to change Miami into one of the best places in America to work, live, and play. He is definitely on his way to creating an east coast big tech capital.
Attendees of note: Mayor Francis Suarez, Mayor of Miami; Keith Rabois, General Partner at Founders Fund; Pete Gilligan, Chief of Staff at Founder’s Fund; Lucy Guo, Co-Founder at Scale AI; Delian Asparouhov, Principal at Founders Fund; Chip Virnig, Partner at Thomabravo; Jeremy Wood, Founder of OpenStore; Zach Frankel, Co-founder at Better, Candid, BOD, Ramp, Redesign Health; Healey Cypher, Partner at Atomic VC; Mike Shebat, Senior Manager, Global Product at Uber; Traba, CEO & Founder; Demian Bellumio; Miami Tech Life Founder; Kingsley Advani, Founder of Allocations, Partner at 305 Ventures; Christine Aylward, Founder & Managing Partner of Magnetic; Jason Lovell, Founder of Motion; Nihaar Sinha, Founder & CEO of Maiya; Erick Gavin, Program Manager for CFBI; Kevin Venger, Co-Developer of One Thousand Museum; Matt Haggman, EVP at Beacon Council.
Photo credit: Ronin Creative
Article content credit: rbb Communications
Latin Singer and Songwriter-Marc Anthony Sells Coral Gables Mansion for $22.4 Million
Three-time Grammy Award Winner and Jennifer Lopez’s ex-husband, Marc Anthony has sold his Coral Gables, Florida mansion! The expansive 12 bedroom estate sold for $22.4 million on May 18, 2021. The ‘Barcadi-developed’ mansion is located at 300 Costanera Road in Cocoplum with 21,000 square feet of expansive living space.
The estate is set on a 1.3-acre corner parcel with 480 feet of water frontage. It was originally designed by Rafael Portuondo. The great, great grandaughter of Barcadi Founder, Hilda Maria Bacardi, sold the estate to Anthony in 2018. The original construction took eight years to complete and Bacardi oversaw the entire process.
The three-story mansion was originally listed in 2014 before construction was even completed. The original price was $18 million. The sellers increased the price to $27 million in 2016, which was the year the construction was completed.
The gorgeous estate features an expansive wine cellar, swimming pool, staff quarters, 3 kitchens, and direct access to Biscayne Bay. The new buyer has not yet been listed in the tax records.
Marc Anthony also referred to as Marco Antonio Muñiz, is a singer, songwriter, actor-producer, and philanthropist. He is also the top-selling salsa artist of all time and holds a Guinness World Record for best-selling tropical/salsa artist. He has also received 6 Latin Grammy Awards and is also the recipient of the 2009 Congressional Hispanic Caucus Institute Lifetime Achievement Award.
J. Michael Arrington-Founder of TechCrunch Buys Waterfront Home for $16 Million
In April 2021, J. Michael Arrington, Founder of TechCrunch, stated that “there is no better place to be than Miami.” So it is of no surprise that Arrington just closed on a waterfront property in Miami last Friday.
With a cool price of $16 million, this gorgeous home is located in Miami’s gated community of Old Cutler Bay has all the amenities that one could need. The gorgeous six bedroom home is perfectly sited on half of an acre with 140 feet of waterfront. This property is not limited in amenities! From the pool, wooden deck, coral rock fire pit, to the summer kitchen, it is absolutely stunning.
The home was built in 2015 and designed by Florida architect, Cesar Molina. The 8,300 square foot home is complete with 6 bedrooms, 7.5 bathrooms, wine cellar, home theater, gym, and custom kitchen.
According to the Miami MLS, this property was originally listed in April with a price of $16.5 million. According to tax records, the sellers purchased the property for $10.4 million in November of 2018. According to the listing agent, properties in this neighborhood typically sell for over $10 million but this has been the highest sale price ever for this neighborhood.
J. Michael Arrington is the founder of the popular tech review website, TechCrunch and a cryptocurrency hedge fund, Arrington XRP Capital. Techcrunch which operates Crunchbase, was founded in 2005 starting off as an online encyclopedia with information on key people, funding rounds, and startups’ information. TechCrunch was later acquired in 2010 by AOL for $25 million.
501 First Residences- Renderings and Plans Just Released for the 40 Story Tower in Downtown Miami
Miami can now officially welcome the newest pre-construction tower to grace our gorgeous skyline, 501 First Residences in downtown Miami. This new 40-story tower with 448, will be developed by Aria Development Group and designed by Revuelta Architecture International, who also designed Wind and 900 Biscayne. 501 First Residences will be located at 501 Northeast 1st Avenue with views of downtown Miami and Biscayne Bay.
Acoording to the Aria Development group, this particular development will be built to cater to the short-term rental market. The biggest perk is that there will be no rental restrictions. Which means, the resident can utilize any consumer platform (Vrbo, Expedia, Airbnb, etc.) to rent and each unit can be rent for 1 day or more.
The renderings reveal floor-to-ceiling windows and expansive balconies. The sleek structure is curved creating a horizontal and vertical grid like design. The exact height of the development hasn’t been released but we can expect the 40-story high structure to be over 450 feet in height.
The 448 luxury units will be fully finished and furnished with pricing starting at $300,000. Floor plans will range from studios, 1 bedroom, and 2 bedrooms. The square footage for each unit is expected to be from 385 to 835 square feet.
Residence Features:
Fully finished and furnished residences thoughtfully curated by award-winning design firm, Shim Projects
Floor to ceiling glass windows with custom window treatments
All residences feature balconies
Biscayne Bay and Miami skyline views
Finished flooring on all residential interiors and balconies
In-unit washers and dryers
Kitchens and bathrooms feature custom Italian cabinetry and counters
Speed oven by Smeg
Integrated paneled refrigerator and freezer
Dishwasher
Fully built-out closets
Hansgrohe bathroom fixtures, features, and accessories in dark matte finish
Building Amenities:
Porte-cochère entrance with 24/7 valet service
On-site management office
Mid-century, modern-inspired interior finishes and furniture in residential lobby with 25ft ceiling
Secure bicycle storage in enclosed and air-conditioned space
Centrally-located personal storage for all owners
Luxer One Package Room featuring a tech-forward, contactless digital package delivery system
Dry-cleaning service
Ground floor bistro and bar helmed by New York City’s GPG Hospitality
State-of-the-art indoor gym with private fitness training rooms
Yoga/meditation room
75-foot resort-style lap pool
North-facing private rooftop movie theatre experience
Grill & Chill on the Sunrise and Sunset Decks
Outdoor Game Lawn
Hot hydrotherapy bath
Private club suite with game tables
Entertainment chef’s kitchen
Media Room
Library
Private workspaces
Pet Lounge with pet bath station
Greenhouse
The site currently features a 2-story buidling that was built in 1924 and was previously the sales center for YotelPad Miami. The entire project will take over 4 lots equaling 22,500 square feet. According to tax records, the developer purchased the lots in 2015 for $8,250,000.
According to Miami-Dade Country records, construction permits have not been filed. The ground breaking is expected to be scheduled for spring 2022 with a top-off date in spring 2023.
Here are Dave Portnoy’s Top 6 Pizza Joints in Miami
The internet is buzzing with Dave Portnoy’s recent move to Miami as well as his quest to find the perfect slice of pie! On his show OneBite, Portnoy travels the country taste testing and reviewing local pizza parlors. More recently, he has visited many pizza parlors in Miami, and we have created an all-in-one list just for you. Here are his top 6!
#6 East Side Pizza
Located at 731 NE 79th Street, Miami, East Side Pizza is a family-owned and operated pizza parlor. They have been in business for a few years in Miami and are considered a “NY Style Pizza Joint.” Portnoy gave this pizza parlor a 6.8/10 on his OneBite scale. They also have pasta, burgers, hot subs, and a dessert menu.
#5 The Big Cheese
Located at 8080 SW 67th Ave in Miami, The Big Cheese has been open for 35 years and is considered “The Official Pizza Place of Miami”. For the past 20 years, they have been sponsoring and serving the University of Miami. The Big Cheese has been named “The Best Inexpensive Italian Restaurant in Miami” in the New Times Readers’ Poll as well as receiving the Kids Crown Awards from “South Florida Parenting Magazine” for the best pizza. Portnoy ranked this pizza place a 6.9/10. Their menu also includes a large selection of pasta and seafood dishes.
#4 Collins Pizza
Collins Pizza, named after their Collins Avenue location at 7308 Collins Avenue in Miami Beach. Collins pizza is only 6 months old but is family-owned and operated. They produce naturally leavened dough for 72 hours that give their pizza a unique taste. They also use non-GMO/organic flours and Wisconsin cheeses. Dave Portnoy ranks this pizza parlor at a 7.2/10. Their menu also includes sandwiches, wings, and small bites.
#3 Pizza Pazza
Pizza Pazza, located at 275 NE 18th Street in Miami, is considered the “Late Night Spot” of Miami. They are open from 7 pm to 4 am and welcome all latecomers. Dave Portnoy referred to Pizza Pazza as having “Miami hours.” The owner has been in the pizza business for 40 years and is originally from Italy. Portnoy ranked this pizza parlor a 7.3/10. Their menu also includes pasta, calzones, and desserts.
#2 Frankie’s Pizza
Frankie’s Pizza, located at 9118 Bird Road in Miami has been in the business for 55 years. Frankie’s is considered ‘Miami’s Oldest Pizza Shop,’ so it is no wonder that Portnoy ranks this pizza place at 7.4/10. Their menu is straightforward with pizza options and garlic knots. Portnoy gives the knots a 9.2!
#1 Eleventh Street Pizza
Eleventh Street Pizza, located at 1035 N Miami Avenue in Miami. With its Sicilian roots, their sourdough pies are considered Neo-New York style. Portnoy really raved about their pizza and landed it at an 8.2/10. Their menu includes some signature pasta dishes and garlic rolls.
This isn’t the end of Portnoy’s Miami pizza adventure and we can only expect more pizza reviews in the coming months. His app is also available to read reviews and watch episodes of OneBite. Portnoy believes that with his large social media following, he is “trying to save small businesses one bite at a time.”
Downtown Miami Introduces Gale Miami Hotel and Residences
A 51-story tower located directly in the heart of Downtown Miami, is the first ‘CondoHospitality’ tower in Miami with open-concept designs and killer views of the Miami skyline and Biscayne Bay as well as world-class amenities.
This new construction tower will house Gale Miami Hotel & Residences; Miami’s first wellness building, licensed for short-term rentals. Gale will occupy 7 floors (17 through 23) which will include 140 luxury condo hotel units, where owners have the option of utilizing the onsite rental program.
These units will be fully finished and furnished with square footage ranging from 389 SF – 900 SF with pricing starting at $300,000.
Residence Features:
Urban luxury residences with modern open layouts from
Studio, one, & two-bedroom units
All residences are delivered fully finished and furnished with fixtures and furniture curated by Urban Robot
Panoramic Biscayne Bay, and Miami skyline views
Private balconies with most units
Ceiling heights 9 feet
Owner’s closet in every residence
Floor-to-ceiling windows and impact-resistant glass throughout
Advanced technology Smart Building wiring for HD TV, multiple telephones
Data lines and ultra-high-speed internet access
Washer/Dryer in the units
Kitchen:
Imported European cabinets with premium hardware
European style appliance package including refrigerator, cook-top, microwave, and sink
Elegant stone countertops and backsplashes
Contemporary under-mounted sink
Gourmet faucet with integral sprayer
Master Bathroom:
Imported European cabinets with premium hardware and drawer pull
Elegant imported stone countertops and backsplashes
Rectangular trough porcelain sinks with dual faucets
Custom-finished floors and walls in wet areas
Frameless glass shower enclosures
Premium European-style fixtures and accessories
Gale residents will have access to all of the amenities that 601 Miami has to offer including the social club, meeting spaces, coffee and juice bar, and media lounge.
Work Amenities:
Co-working spaces
Private offices
Flexible office arrangements
Video-capable conference rooms
Quiet rooms
Phone booths
Cutting-edge technology and connectivity
Office host
Coffee and juice bar
Amphitheater
Meeting/presentation rooms
Social Amenities:
Specialty restaurant and bar
Dining terrace
Social area with full-service cafe and cocktail bar
Drink and dine lounge areas
Media lounge
Live show and events lounge
The porch
Speakeasy
DJ and live performances
Programmed events
The ‘Splash on 9th’ boasts 16,000 square feet of poolside bliss featuring a resort-style pool and cabanas.
Splash Amenities:
Sun deck
Poolside beverage and food service
Native tropical landscaping
Cabana bar
Pool towel services
‘The Fit on 10th’ features 16,000 square feet of health and fitness options.
Fit Amenities:
Juice bar
Yoga and pilates studio
Boxing ring with punching bags
Peloton equipment
Weight station
Cross-training/Crossfit
Spa/treatment rooms
Sauna/steam rooms
Locker rooms
Outdoor terrace/training
The Fit Boutique
Residents will also be able to enjoy 601 Miami’s 24-hour concierge, valet parking, and security.
Gale Miami Hotel and Residences will be the third property in the Gale Brand. The first hotel debuted in 2012 in Miami Beach, and the second one was Gale Hotel and Residences in Fort Lauderdale Beach.
The construction for Gale Miami Hotel and Residences has already started and the grand opening is anticipated to be in the fall of 2023.
Construction for Aston Martin Residences Reaches 53rd Floor and The Art Gallery is Revealed
The Aston Martin Residences Miami is creating a residence experience like no other! This pre-construction 66-story tower just unveiled a permanent art gallery located on the 52nd floor of this remarkable tower. Construction for the Aston Martin Residences is currently on the 53rd floor and the tower is 70% sold as of today.
Before the tower completion date, Aston Martin Residences will launch the Art Gallery virtually creating a 3D engaging experience. The gallery will showcase a new artist every 2 months.
For the opening event, Aston Martin Residences partnered with British artist and photographer, Julian Lennon, to showcase his exclusive collections. The virtual art gallery can be viewed from today through July 7th. The Art Gallery will have a physical opening in 2022.
German Coto, CEO of G&G Business Developments stated in an interview, “It’s this love of art together with a desire for the highest quality finishes, light-filled spaces, and of course, the stunning waterside location that has attracted clients to the Aston Martin Residences Miami. Art and design are woven into the soul of Aston Martin Residences…And we’re creating the Art Gallery to offer a secluded and exclusive space for our owners to immerse themselves in an ever-changing canvas of contemporary art.”
Aston Martin Residences is located at 300 Biscayne Boulevard Way in Downtown Miami. This remarkable tower will offer 391 residences consisting of one to five bedroom floor plans as well as a variety of penthouses. Pricing varies from $970,000 to $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
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 helipad on 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
Aston Martin Residences is scheduled for completion in 2022.
Shoma Group Buys North Bay Village Land for $15.78 Million for a Proposed Mixed-Use Project- Shoma Bay
Shoma Group, led by CEO Masoud Shojaee has recently purchased a 1.79 acre lot in North Bay Village. The development group purchased the land through two separate deals for a total of $15.78 million.
The lot located at 1850 79th Street Causeway sold for $8.38 million while the lot with a current retail building at 1872 79th Street Causeway sold for $7.4 million. Both properties were purchased with a mortgage through North Bay Finance & Investments.
The plans for the ‘Shoma Bay’ development were presented and approved by the North Bay Village in March 2021. The mixed-use development will house a 19-story tower that will include 333 residential units, 36,068 square foot approved Publix grocery store, 6,315 square feet of retail, and a 666 garage spaces. Ten of the spaces will be dedicated to electric charging vehicles, and the garage will be located on top of the Publix.
The amenities will include a pool, bowling alley, complimentary snack station, wework café, clubroom, and more to be determined.
MSA Architects are the lead designers on this project. MSA have also designed the Waverly at Surfside, Porto Bellagio, and the Marriott Miami Beach.
