The population of Downtown Miami has grown by great lengths since 2010, according to a new report by the Miami Downtown Development Authority. Downtown Miami now has 88,540 residents, up over 150% since 2000 and over 32% since 2010. The average household income is more than double the national average, at $110,000 annually and over 50% of residents have a college degree. These numbers are primed to continue to rise as more units hit the market in Downtown including One Thousand Museum, Paramount World Center and the recently delivered Centro. Additionally the MiamiCentral Station and the Brightline will begin opening up Downtown Miami to easier access by train via Orlando, Palm Beach and other Florida metropolitan cities.
Allison Island Spec Home Lists for $24 Million
More noise in Indian Creek as 6480 Allison Road on Miami Beach as listed for $24 million. The home is a spec home designed by Ralph Choeff of CLF Architects. It was recently completed and is 10,632 SF featuring 7 bedrooms, 11 bathrooms and over 110 SF of waterfront. It features floor-to-ceiling glass windows, a contemporary kitchen with a modern island/ dinner table combo, home theater, 2,400 SF master suite, 2 twenty foot living walls, 3 car garage, wine cellar, a pond system and tranquil water features throughout the property helping to enhance the landscape and a saltwater infinity edge pool complete with pool house. It is all located on the extremely private, gated Allison Island on Miami Beach. The property last sold for $4.4 million in 2013. It is currently listed for $24 million with Jeri Jenkins of Caldwell Banker Residential Real Estate.
Casa Bahia in Coconut Grove Lists for $50 Million
Miami has a new mega-listing and it just happens to be making another splash in Coconut Grove. Casa Bahia, a 13,483 SF waterfront mansion has just listed for a cool $50 million. It was designed by Alejandro Landes in partnership with Zyscovich Architects and built in 2015 and won the Architizer Popular Choice A+ Award in the Architcture + Water category. The home features 7 bedrooms and 8 bathrooms with 4 kitchens and sits on 1 acre. It also features a home theater, wine room, 8 car garage/ gallery, private dock on 518 ft of waterfront and infinity pool. It is currently listed by Pablo Alfaro of Douglas Elliman Real Estate. Photos by Douglas Elliman.
BrickellHouse and Boomerang Systems Remain Locked in Legal Battle As Rental Prices Remain Stable
Rental prices have remained relatively stable in BrickellHouse despite a legal battle between the developer and parking garage operater. Boomerang Systems and Newgard Development Group's Harvey Hernandez, the developer of BrickellHouse remain locked in a lawsuit after a bankruptcy judge cut Boomerang System's operating contract with BrickellHouse. Boomerang Systems was to operate an automated, robotic, "hassle-free" parking system but residents were met with delays waiting for their cars, some of which reached over an hour during peak times.
Photo via The Real Deal
BrickellHouse is a 46-story luxury condo building at 1300 Brickell Bay Drive. The building was designed by Sieger Suarez as the architect and Yabu Pushelberg for interior design. Amenities include a private owner's lounge, screening room, rooftop resort deck with 50-foot lap pool and poolside cabanas, fitness center and spa as well as 24-hour staff. It features 374 units that start around $400 SF, fairly consistent with pre-construction pricing and range from $239K to $7.5 million. Units range from studio to 3 bedroom with larger penthouse units. Rental prices have held steady around $3 SF and 75 units have been rented this year. Despite this residents have continuously complained about the parking issues which have been a drag on the building's reputation. Mixed with a buyer's market investors may find some deals from owners who don't want to deal with the current legal issues.
Stantec Unveils Southgate Towers Redesign
Stantec has finally completed their Southgate Towers redesign at 900 West Ave on Miami Beach. The bay-front towers were originally built in 1960 before Stantec plowed $40 million into a multi-phase renovation that included renovating the lobby, amenities and units. Southgate Towers will be a rental only building. Leasing began this summer and it was announced that there is already over 90% rented, 495 out of 500 units. Updates include hurricane-proof windows, updated appliances and lighting and modern furnishings. Southgate Towers is located on West Avenue which itself has seen many updates and construction in recent years and allows walking distance access to Starbucks, Whole Foods and The Mondrian South Beach Hotel & Residences.
Bijou Bay 60% Sold, To Break Ground in December
Colombian developer Juan Carlos Gonzalez's Acierto Inmobiliario new project Bijou Bay on Bay Harbour Island is closer to becoming a reality as they have announced that the building is now 60% sold and is expected to break ground on December 15, 2016. Bijou Bay will be a 9-story building designed by Revuelta Architecture International with interiors by Adriana Hoyos. It will feature 41 modern luxury residences ranging from 900 SF to 2,000 SF and prices start at $530 per SF. Amenities will include a poolside lounge and bar, rooftop lounge, gym, outdoor entertainment area with fire pit and pool as well as bay access for boating and water sport. A groundbreaking ceremony will be held on November 30, 2016.
New Renderings of Paramount Miami World Center "High Street Retail" Concept
Arthur Falcone's Miami World Center has submitted their plans and applied for a warrant for their "High Street Retail" with Miami's Planning & Zoning Department as part of Downtown Miami's multi-billion dollar mega mixed-use residential and retail project Paramount Miami World Center. It will ultimately be the second-largest mixed-use urban development in the United States and largest in Florida. In 2015 the developers had received a warrant for an indoor mall, but after adjusting plans earlier this year to an outdoor mall concept, they have submitted the revisions. Although the new plans were reviewed and approved by the Urban Design Review Board, the decision on the new warrant cannot be issued prior to October 6. Construction has started on Paramount residential skyscraper as the first phase of the project and will finish as a 1.1 million SF urban mega-center over 27-acres.
Barry Sternlicht Flees Connecticut, Officially Becomes Florida Resident
The tax exodus from Connecticut continues as Hotelier and Financier Barry Sternlicht has officially become a Florida residant as of July 1 in order to save more in taxes. He made the announcement in a September CNBC Institutional Investor Delivering Alpha Conference as reported by Reuters. It appears he will build a home at a lot purchased by an entity controlled by Sternlicht last year at 2374 N Bay Road for $17 million. Kobi Karp has previously designed submitted approved designs for the property. Sternlicht joins other billionaire hedge funders David Tepper and Edward Lampert who have also sought to make South Florida their home and tax haven. Sternlicht is the chairman and CEO of Starwood Capital Group and the chairman of Starwood Property Trust, the largest commercial mortgage REIT in the U.S. He was previously founder and CEO of Starwood Hotels and Resorts Worldwide from 1995 to 2005.
FEATURED LISTING: 4730 N Bay Road
Built in 2015, 4730 N Bay Rd. is a 2-story Ne0-Classical estate on the luxurious N Bay Road currently listed for $29,950,000. The residence is an 11,622 SF mansion with 7 bedrooms, 8 full bathrooms and 3 half-baths. It features the finest designer finishes, limestone and oak floors, movie theater, guest house, wine cellar, and huge master suite. The home also features an outdoor entertainment area with a 55' pool and sweeping views of Downtown Miami and Biscayne Bay with over 130' of waterfront. It is currently listed with The Jills of Coldwell Banker. Photos by Coldwell Banker Real Estate.
Bentley Edgewater to Become Part of Autograph Collection by Marriott
The proposed Bentley Edgewater project by the Quebec-based Heafey Group could receive Marriott branding as the developers work on the approval process and their plan's review by Miami's Urban Development Review Board later this month. Marriott aims to make the Bentley Edgewater part of their Autograph Collection of hotels. Bentley Edgewater will be a 32-story Hotel Condo Tower designed by Kobi Karp. It features 207 rooms and pricing started around $420K for a 1 bedroom an $3.4 million for a penthouse unit, averaging to around $650 SF. The building will also feature a 6th story amenity and pool deck, spa, 180 parking spaces, VIP lounge, restaurant and gym. Units will feature 18 fully furnished penthouse suites, 27 executive suites, floor-to-ceiling windows and the penthouse units will come with a two-year lease for a bentley. The Heafey Group also owns the Hilton in South Beach and buyers in Bentley Edgewater will have limited time Beach Club membership at the Bentley BeachClub located at Hilton Bentley South Beach on Ocean Drive. They purchased the land for $2.27 million in June 2015.
