Legacy Hotel & Residences Sells out at 100% at Pre-Construction

Legacy Hotel & Residences at Miami WorldCenter
Legacy Hotel & Residences at Miami WorldCenter

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.

Legacy Hotel & Residences Rooftop Amenities

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

CloudM Rooftop Bar and Lounge Opening in Miami
CloudM Rooftop Bar and Lounge Opening in Miami
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

Miami Cinco de Mayo Celebrations
Cinco De Mayo 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

Una Residences Miami
Una Residences Miami

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.

UNA Residences Construction Overview

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.”

UNA Residences-View from Biscayne Bay.

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

Rilea Group plans to develop Mohawk at Wynwood
Mohawk at Wynwood

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?

Derek Jeter moves to Coral Gables
Derek Jeter buys 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

Rendering for Urban22
Rendering of the Urban22 Tower

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

Brickell House Aerial View
Brickell House Aerial View

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.

Brickell House Condos Miami

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.

Brickell House Balcony View

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?

Cryptocurrency
Cryptocurrency and Bitcoin

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.”

Cryptocurrency in Real Estate

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

Continuum South Beach Pool View
Continuum South Beach Pool View

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.

Continuum South Beach Penthouse Foyer

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 Miami Penthouse

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.

Continuum Penthouse Kitchen

The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.

Continuum South Beach Penthouse

With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!

Continuum South Beach Rooftop View
Continuum South Beach City View
South Beach Aerial View