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.
CitizenM at Miami Worldcenter is Getting a Rooftop Bar and Lounge – CloudM
Photo Credit: citizenM.com
Get ready for the newest and hottest Miami rooftop bar and lounge coming to the Miami Worldcenter. CloudM will be located at the new citizenM hotel in downtown Miami at 700 NE 2nd Avenue. The views will be nothing short of spectacular from Biscayne Bay to the Miami skyline and beyond!
CloudM will mirror its original location out of New York bringing a unique experience, visually and socially. Featuring an ultra-modern design with cloudM you will be able to “drink in the clouds.”
Hotel citizenM broke ground in January 2020 with top-off completed in December 2020. The hotel will feature 12-story, 351 rooms that were designed by Gensler. Construction is nearing completion and is expected to conclude in 2021.
Construction Information:
Development Manager: Miami Worldcenter
Design Architect: Concrete
Local Architect: Gensler
General Contractor: Suffolk Construction
Hotel Room Amenities:
Wall-to-wall windows
XL king-size bed
Powerful rain shower
Luxury bedding and towels
iPad room controls for lights, temperature, TV, blinds
HDTV with free movies and streaming capabilities
Hotel Amenities:
10th floor rooftop terrace
cloudM rooftop bar and lounge
Top 5 Spots to Celebrate Cinco De May in Miami 2021
Cinco De Mayo is finally here and we have found the best spots in Miami to celebrate! So bring your friends and/or family and lets try them all!
La Tiendita Taqueria
La Tiendita of Wynwood features authentic Mexican foods inspired by recipes passed down from the La Tiendita ancestors. For Cinco De Mayo, they will have beer specials, margaritas specials, food specials, as well as a live DJ from 12pm-3am. Click here for their full menu.
$5 Monopolio Clara
$30 Bottle Margaritas with Don Julio
$10 Pierde Almas Mezcal Gin
$199 Bottle of Don Julio Blanco
Toro Toro
Toro Toro is one of Chef Richard Sandoval’s ‘Pan-Latin’ steakhouses. This Cinco De Mayo, get ready for a tequila tasting with Casamigos hosted food parings. The fun starts at 5pm with a four-course tasting! Click here for more information.
Four-Course Meal Features
Pan-Latin inspired Cocktail
Casamigos mezcal served with fundido de queso a la tequila and Casamigos blanco paired with cobia tiradito
Casamigos reposado paired with smoked al pastor ribs with pineapple and chayote salsa
Coffee-rubbed lamb barbacoa, patacones and avocado crema paired with Casamigos anejo
Chocolate petits fours
Pisco Y Nazca
Pisco Y Nazca is celebrating this year’s Cinco de mayo with $7 margarita specials all day long paired with their classic menu! Click here for the full menu and Cinco De Mayo celebrations!
Chica
Chica is Miami will feature a live DJ starting and 5 p.m. going until midnight. Specialty cocktails and classic food menus will make Chica a one stop for all of your Cinco De Mayo needs. Click here for the full menu.
Feature Cocktail “Tomas Estes” made with reposado tequila, rasberry liqueur, cranberry juice, agave syrup, and lime $16
Baha fish dinner special for two
Whole duck carnitas special
Tres Leches $15
Boia De & Jaguar Sun
This exclusive collaboration are teaming up for Cinco de Mayo and serving you specialty foods, drinks, and an awesome DJ. This even will take place at 7357 NW Miami Court (Lot 6) and reservations are needed. Click here for more information.
Cocktails by Jaguar Sun
Food by La Pollita By Boia De
Choco Tacos by Frice Cream
Oko Group Obtains $128 Million Loan to Finish Construction on Una Residences
Oko Group and Cain International, developers for Una Residences, have just obtained a loan of $128 million to complete the construction. As of April 2021, $76 million in pre-sales have been recorded with a majority of domestic buyers. The tower is at 72% sold with 2 exclusive penthouse residences left for purchase in the tower.
The loan was brokered by Walker & Dunlop with representing law firms Weil Gotshal & Manges and King & Spaulding.
According to the CEO of Oko Group, Vlad Doronin stated, “Miami’s increasing global appeal is drawing families to live and businesses to invest in high quality real estate, particularly rare and exclusive offerings such as Una Residences; one of the last opportunities to buy a waterfront property in one of Miami’s most desirable neighborhoods.”
This tower will feature 47 stories of 135 units located at 175 S.E. 25th Road on 1.04 acres right up against Biscayne Bay.
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
The ground breaking was in May 2020 and the 47-story tower is expected to be complete in 2023. For a construction update, click here.
Rilea Group Launches Campaign to Crowdfund Mohawk at Wynwood Project
Miami-based developer, Rilea Group has launched a campaign to crowdfund a mixed-use project, called Mohawk at Wynwood, through an investor community known as RealtyMogul. This platform is comprised of 200,000 investors with a $2.8 billion portfolio that backs over 15,000 multi-family units.
The campaign was launched on April 5, 2021 and is expected to end June 4, 2021. The goal for Rilea Group is to raise $10 million through RealtyMogul with an overall price tag of $103.4 million.
Mohawk’s design brings the edginess of local artist’s murals and modern steel framing to create a master piece that targets young entrepreneurs.
Building Features:
12-story building
225 residences
3,500 square feet of office space (for residents only)
22,000 square feet of retail space
Designed by Deforma Studios
1, 2, and 3 bedroom unit options
Building Amenities:
Rooftop pool
Bar
Lounge
Chef’s dining room
Children’s room
Game room
2-story gym
Yoga room
Dog park
Outdoor greenway
Rilea group is currently under contract with 29th Street Warehouses LLC for the Mohawk lot located at 56 N.E. 29th Street on a 1.5 acre property.
Did Derek Jeter Purchase a $16.6 Million Lot in Coral Gables?
Baseball Hall of Famer and Miami Marlins CEO, Derek Jeter may have purchased a waterfront lot in Coral Gables, Florida.
According to a recent article published by the Florida Business Journal, a Detroit P.O. Box that Jeter has used in the past, was listed on the deed that purchased a 1.91 acre vacant lot at 625 Leucadendra Drive for $16.6 million.
The lot features 325 feet of waterfront with a dock and was last purchased at $13.95 million. According to the MLS, the property has the ability to build a 20,000 square foot residential home.
The P.O. Box that was used in the purchase was the same as the one that was listed when Jeter sold his mansion in Tampa in 2020. Jeter sold the 1.2 acre property at 59 Bahama Circle for a cool $29 million; which featured 22,000 square feet of living space, 7 bedrooms, 16 bathrooms, 6 car garage, and pool with spa.
Jeter moved to South Florida after purchasing the Marlins in 2017 for $1.2 billion. Jeter currently resides at the Ritz Carlton Residences in Miami Beach.
Melo Group Proposes Two-Story Tower in Wynwood Named Urban22
The Melo Group is a well-known development group in the Miami area. After completing 6,000+ residential units in Miami over the years, they currently have 2,000 units under construction.
According to The Real Deal, the group met with Miami’s Urban Development Review Board on April 21st to propose a two-tower multi-use project called Urban22 in the Wynwood neighborhood.
Multiple parcels making up the 1.94 acre site stretch’s from Second Avenue, 22nd Street, to 23rd street. The Melo Group started purchasing these sites in 2011.
Each 15-story tower would total 708,119 square feet with an 8-story podium connecting between the two. The towers will feature a proposed 441 apartments, 7,168 sq. ft. of retail, 5,692 sq. ft. of office space, and 529 parking spaces. The garage will feature a pool deck on top
The apartments would range from 725 to 1,200 sq. ft. with studio to three bedroom options.
4 studios
243, one bedroom
152, two bedrooms
42, three bedrooms
There has been no update on what the Urban Development Review Board has concluded but we will continue to monitor this proposed project.
Brickell House Finally Finds Solution to Its Parking Garage Woes
All eyes on are on Brickell House condominium tower after years of fighting a parking garage battle! More than 6 years in the making, owners now see a solution to their parking concerns.
The Brickell House Association has contracted ParkPlus High Density Parking Systems to complete the parking replacement project. ParkPlus has 50+ years of history in parking automation and they offer a number of solutions for any need; including robotic parking solutions, self-park stacking, and manually operated stacking.
The parking replacement project is estimated to take up to 77 weeks once permits and approval from the city are in place. ParkPlus is estimating 411 parking places with 80 spaces for electric vehicle charges. With the new system in place, it is estimated that 95 vehicles can be parked per hour.
With the $72 million awarded from the previous parking systems lawsuit, the Association will be able to cover the transition to this parking project making a special assessment not necessary for unit owners. The Brickell House Association has stated that they have taken into account the cost of preventative maintenance for 15 years but may need to revaluate due to technology advances in the future.
ParkPlus is bonded and insured, and the Association has additional insurances if the need arises. Initially there will be valet parking only, which will eventually transition into self-parking. Until the transition occurs, there will be personnel ready to assist in the parking and loading areas.
With this new parking replacement project in full swing, prices for Brickell House condos should rebound over the next few years as there is finally a light at the end of the tunnel!
Is Cryptocurrency Changing the Miami Real Estate Market?
With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.
Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.
According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.
Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”
There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.
One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
