Habitat Group, a full-service asset management and development company, is launching sales at the second tower of their latest project, Smart Brickell, a mixed-use retail, condo and hotel development sitting on 1.23 acres along SW 9th Street.
After selling out their first tower, with 50 hotel rooms and 50 condos, Habitat Group plans to break ground on a same size 25-story building in March, said developer Santiago Vanegas. The combined sellout of the two structures is an estimated $38.5 million.
Inspired by Habitat Group’s Smart Living Philosophy, the three building complex was designed by Hernando Carrillo and Arquitectonica Interiors to integrate technology, convenient lifestyle, architecture, and flexible short-term rental options for the modern homeowner. Perfect for working professionals or seasonal residents, Smart Brickell allows owners the ability to rent their units out up to 24 times a year, or about twice a month.
“We are seeing that the rental restrictions in most condos are limiting for a lot of buyers that want to have more options,” said Alicia Cervera Lamadrid of Cervera Real Estate, the team handling condo sales. Smart Brickell is offering its condos for less than other new developments in the neighborhood, with units starting from $300,000 to $600,000 and ranging from 558 to 1,117 square-feet in living area.
Buyers also have the option to participate in a fixed, two-year annual leaseback program. Vanegas estimates about 70 percent of the buyers in the first buildings are investors and 30 percent are end users.
Other developments, like YotelPad in downtown, are beginning to offer less strict rental guidelines as well. Despite issues with illegal short-term rentals that cause disturbances to neighbors and property, Miami has seen increased demand from residents who want the independence to designate their homes as a working asset to be able to generate an alternative income stream.
Smart Brickell condos conveniently come fully furnished upon completion, which is expected by end of the year in 2020. The apartments include smart home features and Bosch appliances, and an amenity deck with a terrace, resort-style pools, a fitness center, cafe on the ground floor, rooftop lounge bar and business center.
Article by: Katya Demina
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